Md. Code, Estates and Trusts § 14-602
This is the official text of Md. Code, Estates and Trusts § 14-602, part of Maryland’s Code, Estates and Trusts — governs wills, trusts, and probate.
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§14–602.
Official statutory text
(a) Except as otherwise provided in this section, this subtitle applies to any express trust that:
(1) Is irrevocable or revocable by the settlor only with the consent of the trustee or a person holding an adverse interest; and
(2) (i) Has its principal place of administration in this State, including a trust whose principal place of administration has been changed to this State; or
(ii) Is governed by the law of this State for the purpose of:
1. Administration, including administration of a trust whose governing law for purposes of administration has been changed to the law of this State;
2. Construction of the terms of the trust; or
3. Determining the meaning or effect of the terms of the trust.
(b) This subtitle does not apply to a trust held solely for charitable purposes.
(c) Except as otherwise provided in this subtitle, a trust instrument may restrict or prohibit the exercise of the decanting power.
(d) This subtitle does not limit the power of a trustee, a powerholder, or any other person to:
(1) Distribute or appoint property in further trust; or
(2) Modify a trust under the trust instrument, law of this State other than this title, common law, a court order, or a nonjudicial settlement agreement.
(e) This subtitle does not limit the ability of a settlor to provide in a trust instrument for the distribution or appointment in further trust of trust property or the modification of the trust instrument.
(1) Is irrevocable or revocable by the settlor only with the consent of the trustee or a person holding an adverse interest; and
(2) (i) Has its principal place of administration in this State, including a trust whose principal place of administration has been changed to this State; or
(ii) Is governed by the law of this State for the purpose of:
1. Administration, including administration of a trust whose governing law for purposes of administration has been changed to the law of this State;
2. Construction of the terms of the trust; or
3. Determining the meaning or effect of the terms of the trust.
(b) This subtitle does not apply to a trust held solely for charitable purposes.
(c) Except as otherwise provided in this subtitle, a trust instrument may restrict or prohibit the exercise of the decanting power.
(d) This subtitle does not limit the power of a trustee, a powerholder, or any other person to:
(1) Distribute or appoint property in further trust; or
(2) Modify a trust under the trust instrument, law of this State other than this title, common law, a court order, or a nonjudicial settlement agreement.
(e) This subtitle does not limit the ability of a settlor to provide in a trust instrument for the distribution or appointment in further trust of trust property or the modification of the trust instrument.
Status: in_force · Read it on the official government site
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