Maryland Code, ESTATES AND TRUSTS 14-602
Terms Used In Maryland Code, ESTATES AND TRUSTS 14-602
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- including: means includes or including by way of illustration and not by way of limitation. See
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See - Trustee: A person or institution holding and administering property in trust.
(1) Is irrevocable or revocable by the settlor only with the consent of the trustee or a person holding an adverse interest; and
(2) (i) Has its principal place of administration in this State, including a trust whose principal place of administration has been changed to this State; or
(ii) Is governed by the law of this State for the purpose of:
1. Administration, including administration of a trust whose governing law for purposes of administration has been changed to the law of this State;
2. Construction of the terms of the trust; or
3. Determining the meaning or effect of the terms of the trust.
(b) This subtitle does not apply to a trust held solely for charitable purposes.
(c) Except as otherwise provided in this subtitle, a trust instrument may restrict or prohibit the exercise of the decanting power.
(d) This subtitle does not limit the power of a trustee, a powerholder, or any other person to:
(1) Distribute or appoint property in further trust; or
(2) Modify a trust under the trust instrument, law of this State other than this title, common law, a court order, or a nonjudicial settlement agreement.
(e) This subtitle does not limit the ability of a settlor to provide in a trust instrument for the distribution or appointment in further trust of trust property or the modification of the trust instrument.