Section 14.5-907 – Consent, Release, or Ratification by Beneficiary
(a) In this section, “interested party” means a beneficiary, representative of a beneficiary, co–trustee, successor trustee, or any other person having an interest in or authority over a trust. (b) A trustee is not liable to a beneficiary for breach of trust if the beneficiary consented to the conduct constituting the breach, released the trustee from liability […]
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 […]
Section 14.5-1002 – Special Needs Trust or Supplemental Needs Trust
(a) In this section, “special needs trust” and “supplemental needs trust” include a trust funded by a trust beneficiary or by a third party. (b) It is the policy of the State to encourage the use of a special needs trust or supplemental needs trust by an individual of any age with disabilities to preserve funds to […]
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, […]