§ 14-623. Later-discovered property
West's Annotated Code of MarylandEstates and TrustsEffective: October 1, 2023
Effective: October 1, 2023
MD Code, Estates and Trusts, § 14-623
§ 14-623. Later-discovered property
(a) Except as provided in subsection (c) of this section, if an exercise of the decanting power was intended to distribute all the principal of the first trust to one or more second trusts, later-discovered property belonging to the first trust and property paid to or acquired by the first trust after the exercise of the decanting power is part of the trust estate of the second trust or trusts.
(b) Except as provided in subsection (c) of this section, if an exercise of the decanting power was intended to distribute less than all of the principal of the first trust to one or more second trusts, later-discovered property belonging to the first trust or property paid to or acquired by the first trust after the exercise of the decanting power remains part of the trust estate of the first trust.
(c) An authorized fiduciary may provide in an exercise of the decanting power or the terms of a second trust instrument for the disposition of later-discovered property belonging to the first trust or property paid to or acquired by the first trust after the exercise of 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, § 14-623, MD EST & TRST § 14-623
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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