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§ 1-203. Fiduciary liability

West's Annotated Code of MarylandTax-Property

West's Annotated Code of Maryland
Tax-Property
Title 1. Definitions; Rules of Construction; General Provisions
Subtitle 2. Rules of Construction
MD Code, Tax - Property, § 1-203
§ 1-203. Fiduciary liability
Currentness
“Fiduciary” defined
(a) In this section, “fiduciary” includes a personal representative, trustee, or guardian.
In general
(b) Except as otherwise provided in this article, a fiduciary is liable for the taxes on property held by the fiduciary as a fiduciary.
Extent of liability
(c) Except as otherwise provided in subsection (d) of this section or in the case of default or breach of duty, a fiduciary's liability extends only to assets that the fiduciary holds as a fiduciary.
Retention of funds to pay taxes on property after date of finality
(d)(1) A fiduciary who distributes property held as a fiduciary after the date of finality for the next following taxable year shall retain sufficient funds to pay any taxes on the property for that taxable year for any assessment against the property held in a fiduciary capacity, if the assessment is made before the date of finality.
(2) If the fiduciary fails to retain sufficient funds to pay these taxes, the fiduciary and the bond of the fiduciary are liable for the taxes.

Credits

Added by Acts 1985, c. 8, § 2, eff. Feb. 1, 1986.
MD Code, Tax - Property, § 1-203, MD TAX PROPERTY § 1-203
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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