Maryland Code > ESTATES AND TRUSTS > Title 15 > Subtitle 5 > Part IV > Subpart B – Receipts Not Normally Apportioned
Current as of: 2023 | Check for updates
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Other versions
§ 15-511 | Principal receipts |
§ 15-512 | Rental property |
§ 15-513 | Obligation to pay money |
§ 15-514 | Insurance policies and similar contracts |
Terms Used In Maryland Code > ESTATES AND TRUSTS > Title 15 > Subtitle 5 > Part IV > Subpart B - Receipts Not Normally Apportioned
- Amortization: Paying off a loan by regular installments.
- 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
- Contract: A legal written agreement that becomes binding when signed.
- County: means a county of the State or Baltimore City. See
- Decedent: A deceased person.
- including: means includes or including by way of illustration and not by way of limitation. See
- 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.
- Personal property: All property that is not real property.
- 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.