(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 o
Free access — add to your briefcase to read the full text and ask questions with AI
(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.