Maryland Code, ESTATES AND TRUSTS 14-615
Current as of: 2023 | Check for updates
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Terms Used In Maryland Code, ESTATES AND TRUSTS 14-615
- Fiduciary: A trustee, executor, or administrator.
- 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
An authorized fiduciary may not exercise the decanting power to modify a provision in a first trust instrument granting another person the power to remove or replace the authorized fiduciary unless:
(1) If the modification applies only to the person, the person holding the power consents to the modification in a signed record;
(2) The person holding the power and the qualified beneficiaries of the second trust consent to the modification in a signed record and the modification grants a substantially similar power to another person; or
(3) A court approves the modification and the modification grants a substantially similar power to another person.