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§ 14-406. Termination of trust

West's Annotated Code of MarylandEstates and Trusts

West's Annotated Code of Maryland
Estates and Trusts (Refs & Annos)
Title 14. Trusts (Refs & Annos)
Subtitle 4. Maryland Discretionary Trust Act (Refs & Annos)
MD Code, Estates and Trusts, § 14-406
§ 14-406. Termination of trust
In general
(a) The trust shall terminate upon the first to occur of:
(1) The death of the beneficiary;
(2) A date or event specified in the trust document; or
(3) The determination by the trustee, in the trustee's sole and absolute discretion, that by judicial, legislative, or administrative action, trust property or income has been or will be determined to be property or an available resource of the beneficiary.
Distribution of unexpended trust property
(b) Upon termination of a trust, the trustee shall transfer the unexpended trust property:
(1) As designated in the instrument creating the trust; or
(2) If there is no designation, in the following order:
(i) To the transferor, if living;
(ii) If the transferor is not living and died with a will, to those persons, other than the beneficiary, designated as residuary legatees in the transferor's will in the proportions to which they were entitled under the transferor's will; or
(iii) If the transferor is not living and died without a will, to those persons, other than the beneficiary, who would be entitled to receive the trust property at the time if the transferor died owning the trust property, without a will, and a resident of Maryland.
Powers and duties of trustee continue during distribution of trust property
(c) The powers and duties of the trustee shall continue until the final and complete distribution of the trust property is made.

Credits

Added by Acts 1994, c. 418, § 1, eff. Oct. 1, 1994. Amended by Acts 1995, c. 337, § 1, eff. Oct. 1, 1995; Acts 1996, c. 10, § 1, eff. April 9, 1996.
MD Code, Estates and Trusts, § 14-406, MD EST & TRST § 14-406
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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