Maryland Code, ESTATES AND TRUSTS 15-108
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Terms Used In Maryland Code, ESTATES AND TRUSTS 15-108
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Fiduciary: A trustee, executor, or administrator.
(a) A fiduciary making a distribution or delivery of any property, in conformity to a decree or order of court passed pursuant to the Maryland Rules, shall be protected from a claim in respect to the property by an absent or unknown beneficiary or life tenant proceeded against under the Maryland Rules, or the heirs, personal representatives, or assigns of an absent or unknown beneficiary or life tenant.
(b) Nothing in this section limits a similar protection granted to fiduciaries by applicable laws in effect before the passage of the Maryland Rules.