Maryland Code > ESTATES AND TRUSTS > Title 15 > Subtitle 5 > Part III – Apportionment At Beginning and End of Income Interest
Current as of: 2023 | Check for updates
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Other versions
§ 15-505 | When right to income begins and ends |
§ 15-506 | Apportionment of receipts and disbursements when decedent dies or income interest begins |
§ 15-507 | Apportionment when income interest ends |
Terms Used In Maryland Code > ESTATES AND TRUSTS > Title 15 > Subtitle 5 > Part III - Apportionment At Beginning and End of Income Interest
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Decedent: A deceased person.
- Fiduciary: A trustee, executor, or administrator.
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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
- Testator: A male person who leaves a will at death.
- Trustee: A person or institution holding and administering property in trust.