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§ 14-611. Determinable charitable interests; Attorney General

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, § 14-611
§ 14-611. Determinable charitable interests; Attorney General
Currentness
Definitions
(a)(1) In this section the following words have the meanings indicated.
(2) “Determinable charitable interest” means a charitable interest that is a right to a mandatory distribution currently, periodically, on the occurrence of a specified event, or after passage of a specified time and that is unconditional or will be held solely for charitable purposes.
(3) “Unconditional” means not subject to the occurrence of a specified event that is not certain to occur, other than a requirement that a charitable organization be in existence or qualify under a particular provision of Title 26 of the United States Code on the date of the distribution, if the charitable organization meets the requirement on the date of determination.
In general
(b)(1) If a first trust contains a determinable charitable interest, the Attorney General has the rights of a qualified beneficiary and may represent and bind the charitable interest.
(2) If a first trust contains a charitable interest, a second trust may not:
(i) Diminish the charitable interest;
(ii) Diminish the interest of an identified charitable organization that holds the charitable interest;
(iii) Alter any charitable purpose stated in the first trust instrument; or
(iv) Alter any condition or restriction related to the charitable interest.
(3) If a first trust contains a determinable charitable interest, the second trust shall be administered under the law of this State, unless:
(i) The Attorney General, after receiving notice of the exercise of the decanting power, does not object within 60 days after receiving the notice;
(ii) The Attorney General consents in a signed record to the second trust being administered under the law of another jurisdiction; or
(iii) A court approves the exercise of the decanting power.
Multiple second trusts
(c) If there are two or more second trusts, the second trusts shall be treated as one trust for purposes of determining whether the exercise of the decanting power diminishes the charitable interest or diminishes the interest of an identified charitable organization for purposes of subsection (b) of this section.

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, § 14-611, MD EST & TRST § 14-611
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