§ 14-403. Creation of trust as transferor
West's Annotated Code of MarylandEstates and Trusts
MD Code, Estates and Trusts, § 14-403
§ 14-403. Creation of trust as transferor
(a) Any person having the right to transfer property to another person may create a trust as a transferor under this subtitle.
(b) The transferor may:
(c) The trustee shall hold, manage, expend, and transfer trust property as provided in this subtitle.
(d) The successor trustee shall assume the responsibilities of the trustee when the trustee is no longer willing or able to serve.
(e) A trust may have only one beneficiary but more than one trustee.
(f) A trustee:
(g) The next willing successor trustee in line shall accept the records and trust property and become trustee as soon as practicable after:
(h) If the trustee is unable or unwilling to serve and no successor trustee will serve, the following persons in the order listed may petition the court to designate a successor trustee:
Credits
Added by Acts 1994, c. 418, § 1, eff. Oct. 1, 1994. Amended by Acts 1995, c. 3, § 1, eff. March 7, 1995.
MD Code, Estates and Trusts, § 14-403, MD EST & TRST § 14-403
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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