§ 14-609. Authorized fiduciary who has limited distributive discretion over the principal of a ...
West's Annotated Code of MarylandEstates and TrustsEffective: October 1, 2023
Effective: October 1, 2023
MD Code, Estates and Trusts, § 14-609
§ 14-609. Authorized fiduciary who has limited distributive discretion over the principal of a first trust
(b) An authorized fiduciary who has limited distributive discretion over the principal of a first trust may exercise the decanting power over the principal of the first trust.
(c)(1) Subject to § 14-611 of this subtitle, one or more second trusts may be created or administered under the law of any jurisdiction.
(d)(1) A power to make a distribution under a second trust for the benefit of a beneficiary who is an individual is substantially similar to a power under the first trust to make a distribution directly to the beneficiary.
(e) If an authorized fiduciary has limited distributive discretion over part of but not all of the principal of a first trust, the authorized fiduciary may exercise the decanting power under this section only over the part of the principal over which the authorized fiduciary has limited distributive discretion.
Credits
Added by Acts 2023, c. 715, § 1, eff. Oct. 1, 2023; Acts 2023, c. 716, § 1, eff. Oct. 1, 2023.
MD Code, Estates and Trusts, § 14-609, MD EST & TRST § 14-609
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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