§ 14-614

Maryland § 14-614

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

Text

(a) Except as otherwise provided in this section, a second trust instrument may not:

(1) Relieve an authorized fiduciary from liability for breach of trust to a greater extent than a first trust instrument; or

(2) Reduce fiduciary liability in the aggregate.

(b) A second trust instrument may provide for indemnification of an authorized fiduciary of the first trust or another person acting as a fiduciary of the first trust for any liability or claim that would have been payable from the first trust if the decanting power had not been exercised.

(c) Subject to subsection (a)(2) of this section, a second trust instrument may divide and reallocate fiduciary powers among fiduciaries, including one or more trustees, distribution advisors, investment advisors, trust protectors, or other persons, and relieve a fiduciary from liability for an act or failure to act of another fiduciary as allowed by the law of this State other than this title.