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Current as of January 01, 2025 | Updated by Findlaw Staff
(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.
Cite this article: FindLaw.com - Maryland Code, Business Regulation § 5-605 - last updated January 01, 2025 | https://codes.findlaw.com/md/business-regulation/md-code-bus-reg-sect-5-605/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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