§ 15-524. Disbursements from principal
West's Annotated Code of MarylandEstates and Trusts
MD Code, Estates and Trusts, § 15-524
§ 15-524. Disbursements from principal
(a) A trustee shall make the following disbursements from principal:
(2) That portion of the regular compensation of the trustee, if the compensation is determined in a manner other than in accordance with § 14.5-708(b) and (c) of this article, and that portion of the compensation of any person providing investment advisory or custodial services to the trustee, as the trustee determines is fair and reasonable in accordance with § 15-502(b) of this subtitle;
(9) Disbursements related to environmental matters, including reclamation, assessing environmental conditions, remedying and removing environmental contamination, monitoring remedial activities and the release of substances, preventing future releases of substances, collecting amounts from persons liable or potentially liable for the costs of those activities, penalties imposed under environmental laws or regulations and other payments made to comply with those laws or regulations, statutory or common law claims by third parties, and defending claims based on environmental matters.
(b) If a principal asset is encumbered with an obligation that requires income from that asset to be paid directly to the creditor, the trustee shall transfer from principal to income an amount equal to the income paid to the creditor in reduction of the principal balance of the obligation.
Credits
Added by Acts 2000, c. 292, § 2, eff. Oct. 1, 2000. Amended by Acts 2014, c. 45, § 5.
MD Code, Estates and Trusts, § 15-524, MD EST & TRST § 15-524
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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