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MD SB126

Bill

Official Source

Status

Passed

4/22/2025

Primary Sponsor

Chris West

Click for details

Origin

Senate

2025 Regular Session

AI Summary

  • Trustees may now resign by providing at least 30 days' notice to qualified beneficiaries, the settlor (if living), all cotrustees, and any person with authority to replace or appoint a successor trustee
  • Court approval remains an alternative method for trustee resignation
  • Resignation does not discharge or affect the liability of the resigning trustee or any surety on the trustee's bond for prior acts or omissions
  • Amends Section 14.5–705 of the Maryland Trust Act under the Estates and Trusts Article
  • Effective October 1, 2025

Legislative Description

Estates and Trusts - Resignation of Trustee - Notice

Notices

Last Action

Approved by the Governor - Chapter 229

4/22/2025

Committee Referrals

Judiciary3/7/2025
Judicial Proceedings1/8/2025

Full Bill Text

No bill text available