§ 14-608. Authorized fiduciary that has expanded distributive discretion over the principal of ...
West's Annotated Code of MarylandEstates and TrustsEffective: October 1, 2023
Effective: October 1, 2023
MD Code, Estates and Trusts, § 14-608
§ 14-608. Authorized fiduciary that has expanded distributive discretion over the principal of a first trust
(b) Except as otherwise provided in § 14-610 of this subtitle, an authorized fiduciary that has expanded distributive discretion over the principal of a first trust for the benefit of one or more current beneficiaries may exercise the decanting power over the principal of the first trust.
(c) Except as otherwise provided in § 14-610 of this subtitle, in exercising the decanting power, a second trust may not:
(d) Subject to subsection (c)(3) of this section and § 14-611 of this subtitle, in the exercise of the decanting power under this section, one or more second trusts may be created or administered under the law of any jurisdiction and may:
(e)(1) A power of appointment described in subsection (d) of this section may be general or nongeneral.
(f) If an authorized fiduciary has expanded distributive discretion over part 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 expanded 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, § 14-608, MD EST & TRST § 14-608
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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