Maryland Code, REAL PROPERTY 14-112
Current as of: 2023 | Check for updates
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Terms Used In Maryland Code, REAL PROPERTY 14-112
- 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
- Fiduciary: A trustee, executor, or administrator.
- Grantor: The person who establishes a trust and places property into it.
- 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
- Personal representative: includes an administrator and an executor. See
- Trustee: A person or institution holding and administering property in trust.
(a) In this section, “trustee” includes any escrowee, agent, attorney, representative, or fiduciary.
(b) If any person holds or takes title to property in the capacity of trustee and the beneficiary is not designated in the instrument by which the trustee takes title or in another instrument signed by the grantor and previously recorded, then the trustee and his personal representative have the power to grant, encumber, or otherwise dispose of the property, except to the extent the power is limited by the term of the grant to the trustee or in another instrument signed by his grantor and previously recorded, unless an instrument signed by the trustee which designates the beneficiary is recorded prior to disposition by the trustee.