LegalFix
Sign In

§ 5-605. Trust agreement

MD Bus Reg Code § 5-605 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

(a)    The terms of a trust to provide for perpetual care shall be designated in a written agreement between the registered cemeterian, permit holder, or any other person subject to the trust requirements of this subtitle and trustee.

(b)    The terms of the trust agreement:

(1)    shall conform to this subtitle; and

(2)    may include provisions about:

(i)    payment of income;

(ii)    accumulation of income;

(iii)    reinvestment of income;

(iv)    administration of the trust fund; and

(v)    powers of the trustee as to investments.

(c)    (1)    A trust agreement shall be irrevocable.

(2)    However, a trust agreement may:

(i)    give the registered cemeterian, permit holder, or other person subject to the trust requirements of this subtitle the right to remove the trustee and appoint another qualified trustee; and

(ii)    provide for the appointment of individuals as cotrustees and successor cotrustees with a corporate trustee.

Previous Section
§ 5-604. Trustees
Next Section
§ 5-606. Records and reports; regulations.