Maryland Code, ESTATES AND TRUSTS 15-523
Terms Used In Maryland Code, ESTATES AND TRUSTS 15-523
- including: means includes or including by way of illustration and not by way of limitation. See
- 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
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Trustee: A person or institution holding and administering property in trust.
(1) Regular compensation of the trustee on income, if determined in accordance with § 14.5-708(b) of this article;
(2) That portion of the regular compensation of the trustee, if the compensation is determined in a manner other than in accordance with § 14.5-708(b) and (c) of this article, and that portion of the compensation of any person providing investment advisory or custodial services to the trustee, as the trustee determines is fair and reasonable in accordance with § 15-502(b) of this subtitle;
(3) One-half of all expenses for accountings, judicial proceedings, or other matters that involve both the income and remainder interests;
(4) All of the other ordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income, including interest, ordinary repairs, regularly recurring taxes assessed against principal, and expenses of a proceeding or other matter that concerns primarily the income interest; and
(5) Recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset.