§ 15-518. Minerals, water, and other natural resources
West's Annotated Code of MarylandEstates and TrustsEffective: October 1, 2019
West's Annotated Code of Maryland
Estates and Trusts (Refs & Annos)
Title 15. Fiduciaries (Refs & Annos)
Subtitle 5. Maryland Uniform Principal and Income Act (Refs & Annos)
Part IV. Allocation of Receipts During Administration of Trust (Refs & Annos)
Subpart C. Receipts Normally Apportioned (Refs & Annos)
Effective: October 1, 2019
MD Code, Estates and Trusts, § 15-518
§ 15-518. Minerals, water, and other natural resources
(a) To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate them as follows:
(b)(1) An amount received on account of an interest in water that is renewable shall be allocated to income.
(c) This subtitle applies whether or not a decedent or donor was extracting minerals, water, or other natural resources before the interest became subject to the trust.
(d)(1) If a trust owns an interest in minerals, water, or other natural resources on October 1, 2000, the trustee may allocate receipts from the interest as provided in this subtitle or in the manner used by the trustee before October 1, 2000.
Credits
Added by Acts 2000, c. 292, § 2, eff. Oct. 1, 2000. Amended by Acts 2019, c. 197, § 1, eff. Oct. 1, 2019.
MD Code, Estates and Trusts, § 15-518, MD EST & TRST § 15-518
Current through legislation effective through April 25, 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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