Section 14-406 - Termination. - Maryland Statutes

§ 14-406. Termination.
 

(a)  In general.- The trust shall terminate upon the first to occur of: 

(1) The death of the beneficiary; 

(2) A date or event specified in the trust document; or 

(3) The determination by the trustee, in the trustee's sole and absolute discretion, that by judicial, legislative, or administrative action, trust property or income has been or will be determined to be property or an available resource of the beneficiary. 

(b)  Disposition of property.- Upon termination of a trust, the trustee shall transfer the unexpended trust property: 

(1) As designated in the instrument creating the trust; or 

(2) If there is no designation, in the following order: 

(i) To the transferor, if living; 

(ii) If the transferor is not living and died with a will, to those persons, other than the beneficiary, designated as residuary legatees in the transferor's will in the proportions to which they were entitled under the transferor's will; or 

(iii) If the transferor is not living and died without a will, to those persons, other than the beneficiary, who would be entitled to receive the trust property at the time if the transferor died owning the trust property, without a will, and a resident of Maryland. 

(c)  Continuation of trustee powers.- The powers and duties of the trustee shall continue until the final and complete distribution of the trust property is made. 
 

[1994, ch. 418; 1995, ch. 337; 1996, ch. 10, § 1.]