(a) Except as otherwise provided in subsection (c) of this section, a person designated as trustee accepts the trusteeship: (1) By substantially complying with a method of acceptance provided in the terms of the trust; or (2) If the terms of the trust do not provide a method of acceptance of the trusteeship or the method provided in […]
(a) A trustee shall give bond to secure performance of the duties of the trustee only if the court: (1) Finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust; and (2) Has not dispensed with the requirement. (b) (1) The court may specify the amount of a […]
(a) If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust. (b) A cotrustee shall participate in the performance of the function of a trustee unless the cotrustee is unavailable to perform the function because of absence, illness, disqualification under other law, or other temporary incapacity or the cotrustee has properly delegated […]
(a) A vacancy in a trusteeship occurs if: (1) A person designated as trustee rejects the trusteeship; (2) A person designated as trustee cannot be identified or does not exist; (3) A trustee resigns; (4) A trustee is disqualified or removed; (5) A trustee dies; (6) A guardian of the person or guardian of the property is appointed for an individual serving […]
(a) A trustee may resign with the approval of the court. (b) In approving a resignation of a trustee, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property. (c) Liability of a resigning trustee or of a surety on the bond of the trustee for acts or omissions of the […]
In addition to the grounds and procedures for removal of a fiduciary set forth in § 15–112 of this article: (1) The settlor, a cotrustee, or a beneficiary may request the court to remove a trustee, or a trustee may be removed by the court on the court’s own initiative; (2) The court may remove a trustee […]
(a) Unless a cotrustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to the trust property, a trustee that has resigned or been removed has the duties of a trustee and the powers necessary to protect the trust property. (b) A trustee […]
(a) (1) (i) A testamentary trustee and trustee of any other trust whose duties comprise the collection and distribution of income from property held under a trust agreement or the preservation and distribution of the property are entitled to commissions provided for in this section for services in administering the trusts. (ii) The amount and source of payment of […]
(a) A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for: (1) Expenses that were properly incurred in the administration of the trust; and (2) To the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust. (b) An advance by […]
(a) The following persons may exercise trust or fiduciary powers in this State: (1) An individual; (2) A trust company as defined in § 1–101 of this article; (3) An organization exempt from taxation under § 501(c) of the Internal Revenue Code of 1986, as amended; and (4) Subject to subsection (b) of this section, a bank, trust company, or […]
A judge of a court established under the laws of the State or the United States or a clerk of court or register of wills, unless the judge, clerk, or register is the surviving spouse of the grantor of the trust, or is related to the grantor within the third degree, may not serve as […]
