Terms Used In Maryland Code, TAX - GENERAL 11-706

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
  • Trustee: A person or institution holding and administering property in trust.
(a) Except as otherwise provided in this section, a license is effective until it is:

(1) surrendered by the licensee; or

(2) revoked for cause by the Comptroller.

(b) (1) If a partnership that is licensed to engage in the business of a retail vendor is dissolved by the death of a partner, the surviving partner or partners may operate under the license for not more than 60 days after the date of dissolution.

(2) If a person who is licensed to engage in the business of a retail vendor dies, the heirs or legal representative of the licensee may operate under the license for the period of time necessary for the administration of the licensee’s estate.

(3) If a person who is licensed to engage in the business of a retail vendor declares bankruptcy, the receiver or trustee in bankruptcy may operate under the license for the period of time necessary for the administration of the licensee’s assets.

(4) If 2 or more persons who constitute a single vendor licensed to engage in the business of a retail vendor operate at 1 place of business under 1 license, the retirement of 1 or more persons from the business or the addition of 1 or more persons to the business will not affect the license or require a new license for the place of business.