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Maryland Statutory Trust Act

Maryland · CA · §§ 12-1001 to 12-912 · 68 sections

Overview

The act establishes the statutory trust as a distinct form of unincorporated business entity recognized and governed by state law rather than by common-law trust principles alone. It addresses how such a trust comes into legal existence, the roles and duties of the trustees who manage it, the beneficial interests held by those on whose behalf it is administered, and the extent to which trustees and beneficial owners are shielded from personal liability for the trust's obligations. It further supplies default governance rules that a trust's own governing instrument may in large part displace, together with procedures for amending, restructuring, and terminating the trust.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

Sections covered

Enacted in other states

Connecticut, Delaware, Wyoming

All Maryland named statutes →

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