Section 5-605 - Trust agreement. - Maryland Statutes

§ 5-605. Trust agreement.
 

(a)  Written agreement required.- The terms of a trust to provide for perpetual care shall be designated in a written agreement between the registered cemeterian, permit holder, or any other person subject to the trust requirements of this subtitle and trustee. 

(b)  Terms.- The terms of the trust agreement: 

(1) shall conform to this subtitle; and 

(2) may include provisions about: 

(i) payment of income; 

(ii) accumulation of income; 

(iii) reinvestment of income; 

(iv) administration of the trust fund; and 

(v) powers of the trustee as to investments. 

(c)  Irrevocability.-  

(1) A trust agreement shall be irrevocable. 

(2) However, a trust agreement may: 

(i) give the registered cemeterian, permit holder, or other person subject to the trust requirements of this subtitle the right to remove the trustee and appoint another qualified trustee; and 

(ii) provide for the appointment of individuals as cotrustees and successor cotrustees with a corporate trustee. 
 

[An. Code 1957, art. 23, § 165A; 1992, ch. 4, § 2; 1997, ch. 675, §§ 1, 2; 2006, ch. 348; 2007, ch. 348, § 2.]