Maryland Code, ESTATES AND TRUSTS 7-303
Terms Used In Maryland Code, ESTATES AND TRUSTS 7-303
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Personal representative: includes an administrator and an executor. See
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(a) The value of any assets remaining in the hands of the personal representative as shown in the last account;
(b) The value of assets as shown in any inventory made since the last account;
(c) All receipts of the estate since the date of the last account;
(d) The date of each purchase, sale, lease, transfer, compromise, settlement, disbursement, or distribution of assets since the last account, a description of each such transaction, and a statement of the amount by which it affects the amounts referred to in subsections (a), (b), and (c) of this section; and
(e) The value of any assets remaining in the hands of the personal representative.