Md. Code, Estates and Trusts § 15-509
This is the official text of Md. Code, Estates and Trusts § 15-509, part of Maryland’s Code, Estates and Trusts — governs wills, trusts, and probate.
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§15–509.
Official statutory text
(a) A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest, and shall allocate to principal an amount received as a distribution of principal from such a trust or estate.
(b) If a trustee purchases an interest in a trust that is an investment entity, or a decedent or donor transfers an interest in such a trust to a trustee, § 15–508 or § 15–522 of this subtitle applies to a receipt from the trust.
(b) If a trustee purchases an interest in a trust that is an investment entity, or a decedent or donor transfers an interest in such a trust to a trustee, § 15–508 or § 15–522 of this subtitle applies to a receipt from the trust.
Status: in_force · Read it on the official government site
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