Maryland Code, ESTATES AND TRUSTS 14.5-909
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Terms Used In Maryland Code, ESTATES AND TRUSTS 14.5-909
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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) In the absence of actual knowledge or of reasonable cause to inquire as to whether a trustee is improperly exercising the trustee’s power, a person dealing with a trustee need not inquire whether a trustee is properly exercising the power of the trustee and is protected as if the trustee properly exercised the power.
(b) A person need not see to the proper application of trust assets paid or delivered to a trustee.