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 14.5-1002 – 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 14.5-1003 – 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 14.5-1004 – 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 […]