Section 14.5-1004 – Enforceability of Electronic Records or Electronic Signatures
The provisions of this title governing the legal effect, validity, or enforceability of electronic records or electronic signatures, and of contracts formed or performed with the use of those records or signatures, conform to the requirements of § 102 of the Electronic Signatures in Global and National Commerce Act (15 U.S.C. §�7002) and supersede, modify, […]
Section 14.5-1005 – Severability
If a provision of this title or the application of a provision to a person or circumstances is held invalid, the invalidity does not affect other provisions or applications of this title which can be given effect without the invalid provision or application, and to this end the provisions of this title are severable.
Section 14.5-1006 – Applicability of Title
(a) Except as otherwise provided in this title: (1) This title applies to all trusts created before, on, or after January 1, 2015; (2) This title applies to all judicial proceedings concerning trusts commenced on or after January 1, 2015; (3) This title does not apply to judicial proceedings concerning trusts commenced before January 1, 2015; (4) A rule of […]
Section 14.5-908 – Actions and Claims Against Trustee
(a) Except as otherwise provided in the contract, a trustee is not personally liable on a contract properly entered into by the trustee in the fiduciary capacity of the trustee in the course of administering the trust if the trustee in the contract disclosed the fiduciary capacity. (b) A claim based on a contract entered into by […]
Section 14.5-909 – Protection of Persons Dealing With Trustees
(a) In the absence of actual knowledge or of reasonable cause to inquire as to whether a trustee is improperly exercising the trustee’s power, a person dealing with a trustee need not inquire whether a trustee is properly exercising the power of the trustee and is protected as if the trustee properly exercised the power. (b) A […]
Section 14.5-810 – Records; Keeping Property Separate
(a) A trustee shall keep adequate records of the administration of the trust. (b) A trustee shall keep trust property separate from the property of the trustee. (c) Except as otherwise provided in subsection (d) of this section, a trustee shall cause the trust property to be designated so that the interest of the trust, to the extent […]
Section 14.5-910 – Certification of Trust
(a) Instead of furnishing a copy of the trust instrument to a person other than a beneficiary, the trustee may furnish to the person a certification of trust containing the following information: (1) That the trust exists and the date the trust instrument was executed; (2) The identity of the settlor; (3) The identity and address of the currently […]
Section 14.5-811 – Enforcement, Defense, Abandonment or Assignment of Claims Against Trust
(a) A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust. (b) A trustee may abandon a claim that is unreasonable to enforce or assign the claim to one or more of the beneficiaries of the trust holding the claim.
Section 14.5-1001 – Tax-Exempt Status
(a) (1) In this section the following words have the meanings indicated. (2) “Consideration” does not include the amount of any obligation under a mortgage, deed of trust, or other writing encumbering the transferred property. (3) “Trust” does not include: (i) A real estate investment trust as defined in § 8–101 of the Corporations and Associations Article; or (ii) A statutory […]
Section 14.5-812 – Breach of Trust
(a) A trustee is not liable to the beneficiary for a breach of trust committed by a former trustee. (b) A trustee is liable to the beneficiary for a breach of trust if the trustee: (1) Knows or should know of a situation constituting a breach of trust committed by a former trustee and the trustee improperly permits […]