| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | ||
| 2 | 2 | ||
| 3 | 3 | EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW. | |
| 4 | 4 | [Brackets] indicate matter deleted from existing law. | |
| 5 | - | Underlining indicates amendments to bill. | |
| 6 | - | Strike out indicates matter stricken from the bill by amendment or deleted from the law by | |
| 7 | - | amendment. | |
| 8 | 5 | *hb0146* | |
| 9 | 6 | ||
| 10 | 7 | HOUSE BILL 146 | |
| 11 | 8 | N2 5lr1554 | |
| 12 | 9 | (PRE–FILED) CF SB 126 | |
| 13 | 10 | By: Delegate Cardin | |
| 14 | 11 | Requested: October 31, 2024 | |
| 15 | 12 | Introduced and read first time: January 8, 2025 | |
| 16 | 13 | Assigned to: Judiciary | |
| 17 | - | Committee Report: Favorable | |
| 18 | - | House action: Adopted | |
| 19 | - | Read second time: February 22, 2025 | |
| 20 | 14 | ||
| 21 | - | ||
| 15 | + | A BILL ENTITLED | |
| 22 | 16 | ||
| 23 | 17 | AN ACT concerning 1 | |
| 24 | 18 | ||
| 25 | 19 | Estates and Trusts – Resignation of Trustee – Notice 2 | |
| 26 | 20 | ||
| 27 | 21 | FOR the purpose of authorizing the trustee of a trust to resign under the Maryland Trust 3 | |
| 28 | 22 | Act on certain notice; and generally relating to the resignation of trustees. 4 | |
| 29 | 23 | ||
| 30 | 24 | BY repealing and reenacting, with amendments, 5 | |
| 31 | 25 | Article – Estates and Trusts 6 | |
| 32 | 26 | Section 14.5–705 7 | |
| 33 | 27 | Annotated Code of Maryland 8 | |
| 34 | 28 | (2022 Replacement Volume and 2024 Supplement) 9 | |
| 35 | 29 | ||
| 36 | 30 | SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 10 | |
| 37 | 31 | That the Laws of Maryland read as follows: 11 | |
| 38 | 32 | ||
| 39 | 33 | Article – Estates and Trusts 12 | |
| 40 | 34 | ||
| 41 | 35 | 14.5–705. 13 | |
| 42 | 36 | ||
| 43 | 37 | (a) A trustee may resign [with]: 14 | |
| 44 | 38 | ||
| 45 | 39 | (1) ON AT LEAST 30 DAYS’ NOTICE TO: 15 | |
| 46 | 40 | ||
| 47 | - | (I) THE QUALIFIED BENEFIC IARIES; 16 2 HOUSE BILL 146 | |
| 41 | + | (I) THE QUALIFIED BENEFIC IARIES; 16 | |
| 42 | + | ||
| 43 | + | (II) THE SETTLOR, IF LIVING; 17 | |
| 44 | + | ||
| 45 | + | (III) ALL COTRUSTEES ; AND 18 | |
| 46 | + | 2 HOUSE BILL 146 | |
| 48 | 47 | ||
| 49 | 48 | ||
| 49 | + | (IV) ANY PERSON THAT HAS A RIGHT TO REPLACE OR APPOINT A 1 | |
| 50 | + | SUCCESSOR TO THE RES IGNING TRUSTEE ; OR 2 | |
| 50 | 51 | ||
| 51 | - | ( | |
| 52 | + | (2) WITH the approval of the court. 3 | |
| 52 | 53 | ||
| 53 | - | (III) ALL COTRUSTEES ; AND 2 | |
| 54 | + | (b) In approving a resignation of a trustee, the court may issue orders and impose 4 | |
| 55 | + | conditions reasonably necessary for the protection of the trust property. 5 | |
| 54 | 56 | ||
| 55 | - | ( | |
| 56 | - | ||
| 57 | + | (c) Liability of a resigning trustee or of a surety on the bond of the trustee for acts 6 | |
| 58 | + | or omissions of the trustee is not discharged or affected by the resignation of the trustee. 7 | |
| 57 | 59 | ||
| 58 | - | (2) WITH the approval of the court. 5 | |
| 60 | + | SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 8 | |
| 61 | + | October 1, 2025. 9 | |
| 59 | 62 | ||
| 60 | - | (b) In approving a resignation of a trustee, the court may issue orders and impose 6 | |
| 61 | - | conditions reasonably necessary for the protection of the trust property. 7 | |
| 62 | - | ||
| 63 | - | (c) Liability of a resigning trustee or of a surety on the bond of the trustee for acts 8 | |
| 64 | - | or omissions of the trustee is not discharged or affected by the resignation of the trustee. 9 | |
| 65 | - | ||
| 66 | - | SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 10 | |
| 67 | - | October 1, 2025. 11 | |
| 68 | - | ||
| 69 | - | ||
| 70 | - | ||
| 71 | - | ||
| 72 | - | Approved: | |
| 73 | - | ________________________________________________________________________________ | |
| 74 | - | Governor. | |
| 75 | - | ________________________________________________________________________________ | |
| 76 | - | Speaker of the House of Delegates. | |
| 77 | - | ________________________________________________________________________________ | |
| 78 | - | President of the Senate. |