§ 14-304. Amendment of governing instrument to conform with Internal Revenue Code
West's Annotated Code of MarylandEstates and TrustsEffective: October 1, 2019
Effective: October 1, 2019
MD Code, Estates and Trusts, § 14-304
§ 14-304. Amendment of governing instrument to conform with Internal Revenue Code
(a) Notwithstanding any provisions to the contrary in the governing instrument, the trustee or trustees of any charitable remainder trust created after July 31, 1969, with the consent of each beneficiary named in the governing instrument, without application to any court, may amend the governing instrument to conform to the provision of § 664 of the Internal Revenue Code by executing a written amendment to the trust for the purpose.
(b) Consent is not required as to individual named beneficiaries not living at the time of amendment.
(c) In the case of an individual beneficiary not competent to give consent, the consent of a guardian, appointed by a court of competent jurisdiction, shall be treated as consent of the beneficiary.
Credits
Added by Acts 1974, c. 11, § 2, eff. July 1, 1974. Amended by Acts 1988, c. 110, § 1; Acts 1989, c. 5, § 1; Acts 2019, c. 197, § 1, eff. Oct. 1, 2019.
Formerly Art. 16, § 199D-1.
MD Code, Estates and Trusts, § 14-304, MD EST & TRST § 14-304
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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