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 14.5-813 – Duties in General
(a) Unless unreasonable under the circumstances, a trustee shall promptly respond to the request of a qualified beneficiary for information related to the administration of the trust, including a copy of the trust instrument. (b) (1) A trustee: (i) Within 60 days after accepting a trusteeship, shall notify the qualified beneficiaries of the acceptance and of the trustee’s name, […]
Section 14.5-1003 – Interests in Grantor and Qualified Terminable Interest Property Trusts
(a) An individual who creates a trust may not be considered the settlor of that trust with regard to the individual’s interest in the trust if: (1) That interest is the authority of the trustee under the trust instrument or any other provision of law to pay or reimburse the individual for any tax on trust income […]
Section 14.5-814 – Prohibited Powers
(a) None of the following powers conferred on a trustee by the governing instrument may be exercised by that trustee: (1) The power to make discretionary distributions of either principal or income to, or for the benefit of, the trustee in the individual capacity of the trustee, unless limited by an ascertainable standard relating to the health, […]
Section 14.5-815 – Powers of Trustee Without Authorization of Court
(a) A trustee, without authorization by the court, may exercise: (1) Powers conferred by the terms of the trust; or (2) Except as limited by the terms of the trust: (i) All powers over the trust property that an unmarried competent owner has over individually owned property; (ii) Other powers appropriate to achieve the proper investment, management, and distribution of […]
Section 14.5-816 – Powers of Trustee in General
(a) A trustee has those powers enumerated in the trust instrument. (b) Without limiting the authority conferred by § 14.5–815 of this subtitle and § 15–102 of this article, a trustee may exercise the powers specified in this section. (c) With respect to possible liability for violation of environmental law, a trustee may: (1) Inspect or investigate property the […]
Section 14.5-817 – Distribution on Termination or Partial Termination of Trust
(a) (1) On termination or partial termination of a trust, the trustee may send to the beneficiaries a proposal for distribution. (2) The right of a beneficiary to object to a proposed distribution under paragraph (1) of this subsection terminates if the beneficiary does not notify the trustee of an objection within 60 days after the proposal was […]
Section 14.5-901 – Breach of Trust
(a) (1) A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust. (2) A breach of trust under this subsection may occur by reason of an action or by reason of a failure to act. (b) To remedy a breach of trust by the trustee that has occurred or may […]