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§ 14-603. Fiduciary duties applicable; no duty to decant; terms of trust deemed to include deca...

West's Annotated Code of MarylandEstates and TrustsEffective: October 1, 2023

West's Annotated Code of Maryland
Estates and Trusts (Refs & Annos)
Title 14. Trusts (Refs & Annos)
Subtitle 6. Maryland Trust Decanting Act (Refs & Annos)
Effective: October 1, 2023
MD Code, Estates and Trusts, § 14-603
§ 14-603. Fiduciary duties applicable; no duty to decant; terms of trust deemed to include decanting power
Currentness
Fiduciary duties
(a) In exercising the decanting power, an authorized fiduciary shall act in accordance with its fiduciary duties, including the duty to act in accordance with the purposes of the first trust.
No duty to decant
(b) This subtitle does not create or imply a duty to exercise the decanting power or give notice to beneficiaries of the applicability of this subtitle.
Terms of trust deemed to include decanting power
(c) Except as otherwise provided in a first trust instrument, for purposes of this title and §§ 14.5-801 and 14.5-802(a) of this article, the terms of the first trust are deemed to include the decanting power.

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, § 14-603, MD EST & TRST § 14-603
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.
End of Document