§ 14-602

Maryland § 14-602

• Jurisdiction: Maryland
• Article get: Estates and Trusts
• Title: 14

Text

(a) Except as otherwise provided in this section, this subtitle applies to any express trust that:

(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.