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§ 14-619. Failure to comply with this subtitle in part

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, § 14-619
§ 14-619. Failure to comply with this subtitle in part
Currentness
In general
(a) If an exercise of the decanting power violates the provisions of this subtitle solely because a second trust instrument in part does not comply with the requirements of this subtitle, the exercise is effective.
Reformation of second trust
(b) If an exercise of the decanting power is effective notwithstanding a failure to meet any requirement of this subtitle in accordance with subsection (a) of this section, with respect to the principal of the second trust attributable to the exercise of the power:
(1) Any provision in the second trust instrument prohibited by this subtitle is void to the extent necessary to comply with this subtitle; and
(2) The second trust instrument shall be treated as containing any provision which is required by this subtitle but not included in the instrument.
Corrective action
(c) If a trustee or other fiduciary of a second trust determines that an exercise of the decanting power is effective notwithstanding a failure to meet any requirement of this subtitle under subsection (a) of this section, that fiduciary shall take corrective action.

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, § 14-619, MD EST & TRST § 14-619
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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