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Maryland Code, Estates and Trusts § 15-525

Current as of December 31, 2021 | Updated by FindLaw Staff

(a) In this section, “depreciation” means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than 1 year.

(b) A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation:

(1) Of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary;

(2) During the administration of a decedent's estate; or

(3) Under this section if the trustee is accounting under § 15-510 of this subtitle for the business or activity in which the asset is used.

(c) An amount transferred to principal need not be held as a separate fund.

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Cite this article: FindLaw.com - Maryland Code, Estates and Trusts § 15-525 - last updated December 31, 2021 | https://codes.findlaw.com/md/estates-and-trusts/md-code-est-and-trst-sect-15-525/

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