§ 15-1A-02. Substitution of fiduciary
West's Annotated Code of MarylandEstates and Trusts
MD Code, Estates and Trusts, § 15-1A-02
§ 15-1A-02. Substitution of fiduciary
(a) Subject to the provisions of § 15-1A-04(d)(2) of this subtitle, a successor fiduciary shall be substituted as a fiduciary for its predecessor corporate fiduciary, immediately upon the adoption of a corporate resolution by both the successor fiduciary and the predecessor corporate fiduciary providing for the substitution.
(b) A successor fiduciary shall have all the rights, powers, duties, and obligations of the predecessor corporate fiduciary.
(c) The successor fiduciary shall be deemed named as fiduciary in any writing, including a will, trust, court order, or similar document or instrument that names the predecessor corporate fiduciary as fiduciary, whether executed before or after the successor fiduciary is substituted, unless the writing expressly provides otherwise.
Credits
Added by Acts 1989, c. 644, § 1, eff. July 1, 1989.
MD Code, Estates and Trusts, § 15-1A-02, MD EST & TRST § 15-1A-02
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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