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§ 15-505. When right to income begins and ends

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 III. Apportionment at Beginning and End of Income Interest (Refs & Annos)
Effective: October 1, 2019
MD Code, Estates and Trusts, § 15-505
§ 15-505. When right to income begins and ends
Currentness
When right to income begins
(a)(1) An income beneficiary is entitled to net income from the date on which the income interest begins.
(2) An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income interest.
When an asset becomes subject to a trust
(b) An asset becomes subject to a trust:
(1) On the date it is transferred to the trust in the case of an asset that is transferred to a trust during the transferor's life;
(2) On the date of a testator's death in the case of an asset that becomes subject to a trust by reason of a will, even if there is an intervening period of administration of the testator's estate; or
(3) On the date of an individual's death in the case of an asset that is transferred to a fiduciary by a third party because of the individual's death.
When an asset becomes subject to successive income interest
(c) An asset becomes subject to a successive income interest on the day after the preceding income interest ends, as determined under subsection (d) of this section, even if there is an intervening period of administration to wind up the preceding income interest.
When income interest ends
(d) An income interest ends on the day before an income beneficiary dies or another terminating event occurs, or on the last day of a period during which there is no beneficiary to whom a trustee may distribute income.

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, § 15-505, MD EST & TRST § 15-505
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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