Maryland Code, ESTATES AND TRUSTS 4-409
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Terms Used In Maryland Code, ESTATES AND TRUSTS 4-409
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Legacy: A gift of property made by will.
- Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
- Probate: Proving a will
A legacy for charitable use may not be void because of an uncertainty with respect to the donees:
(1) If the will making the legacy also contains directions for the formation of a corporation to take the legacy; and
(2) (i) If the legacy is immediate and not subject to a life estate, a corporation is formed in accordance with the directions, capable and willing to receive and administer the legacy, within 12 months from the probate of the will; or
(ii) If the legacy is subject to a life estate, a corporation shall be formed at a time between probate of the will and the end of 12 months following the expiration of a life estate or life estates.