Section 14.5-101 – Short Title
This title may be cited as the Maryland Trust Act.
Section 14.5-102 – Application of Title
This title applies to express charitable or noncharitable trusts and trusts created in accordance with a statute (including the Maryland Discretionary Trust Act, unless otherwise provided by the statute), judgment, or decree that requires the trust to be administered in the manner of an express trust.
Section 14.5-103 – Definitions
(a) In this title the following words have the meanings indicated. (b) “Action”, with respect to an act of a trustee, includes a failure to act. (c) “Ascertainable standard” means a standard relating to an individual’s health, education, support, or maintenance within the meaning of § 2041(b)(1)(A) or § 2514(c)(1) of the Internal Revenue Code of 1986, as […]
Section 14.5-104 – Person With Knowledge of Facts
A person has knowledge of a fact if the person: (1) Has actual knowledge of the fact; (2) Has received a notice or notification of the fact; or (3) From all the facts and circumstances known to the person at the time, knows or should know the fact.
Section 14.5-105 – Terms of Trust Prevail — Exceptions
The terms of a trust prevail over a provision of this title, except: (1) The requirements for creating a trust; (2) The duty of a trustee to act reasonably under the circumstances and in accordance with the terms and purposes of the trust and the interests of the beneficiaries; (3) The requirement that a trust and the terms […]
Section 14.5-106 – Common Law of Trusts and Principles of Equity Are Supplemental
The common law of trusts and principles of equity supplement this title, except to the extent modified by this title or another statute of this State.
Section 14.5-107 – Governing Law of Trust Provisions
The meaning and effect of the terms of a trust are determined by: (1) The law of the jurisdiction designated in the terms unless the designation of that jurisdiction’s law is contrary to a strong public policy of the jurisdiction having the most significant relationship to the matter at issue; or (2) In the absence of a […]
Section 14.5-108 – Principal Place of Administration
(a) Without precluding other means for establishing a sufficient connection with the designated jurisdiction, terms of a trust designating the principal place of administration are valid and controlling if: (1) The principal place of business of a trustee is located in or a trustee is a resident of the designated jurisdiction; or (2) All or part of the […]
Section 14.5-109 – Notice
(a) (1) Notice to a person under this title or the sending of a document to a person under this title shall be accomplished in a manner reasonably suitable under the circumstances and likely to result in receipt of the notice or document. (2) Permissible methods of notice to a person or for sending a document to a […]
Section 14.5-110 – Qualified Beneficiaries
(a) Whenever notice to qualified beneficiaries of a trust is required under this title, the trustee shall also give notice to any other beneficiary that has sent the trustee a request for notice. (b) A charitable organization expressly designated to receive distributions under the terms of a charitable trust has the rights of a qualified beneficiary under […]
Section 14.5-111 – Nonjudicial Settlement Agreements
(a) In this section, “interested person” means a person whose consent would be required in order to achieve a binding settlement were the settlement to be approved by the court. (b) Except as otherwise provided in subsection (c) of this section, on or after October 1, 2016, interested persons may enter into a binding nonjudicial settlement agreement […]
Section 14.5-112 – Inter Vivos Trust — Applicability of Other Sections
(a) In the absence of express language to the contrary, the rules contained in §§ 1–202, 1–203, 1–204, 1–205, 1–206, 1–207, 1–208, 1–209, and 1–210.1 of this article shall be applied in construing the terms of an inter vivos trust. (b) Whenever a provision in §§ 1–202, 1–203, 1–204, 1–205, 1–206, 1–207, 1–208, 1–209, and 1–210.1 of […]