|
528 LAWS OF MARYLAND. [CH. 287
ing or dead, or if living whether said life tenants are
residents or non-residents of this State, or if living
where said life tenants can be found, and for protecting
the interests of such life tenants and for protecting
fiduciaries making distribution or delivery of property.
SECTION 1. Be it enacted by the General Assembly of
Maryland, That a new section be and the same is hereby
added to Article 16 of the Annotated Code of Public Gen-
eral Laws of Maryland, Edition of 1924, the said new sec-
tion to follow immediately after Section 225 of said Article,
to be known as Section 225 A, and to read as follows:
225A. Whenever any fiduciary, as defined in Section
225, shall hold property in trust for a beneficiary for and
during the life of said beneficiary with remainder over to
a person or corporation named or designated in the will,
deed or other instrument creating the trust, and said life
tenant shall fail to appear and claim the interest in said
trust estate to which he may be entitled for a period of
seven years from the date on which a Court of Equity shall
have assumed jurisdiction of the trust property, whether
said date shall occur before or after the passage of this
statute, and it shall not be known to said fiduciary, after
diligent search made by him, whether said life tenant is
living or dead, or if living whether said life tenant is a
resident or non-resident of this State, or if living where
said life tenant can be found, said fiduciary or person, or
corporation entitled in remainder may apply by bill or
petition to the said Court of Equity which has so assumed
jurisdiction of the trust praying the said Court for the
passage of a decree to close said trust estate and make dis-
tribution to the person or corporation entitled in remainder
or to his or its heirs, personal representatives, successors
or assigns as their interest may appear. And said Court
of Equity in administering and carrying out the provisions
of this section, shall have and exercise the powers, au-
thority and discretion conferred upon such Court by said
Section 225, and shall adopt the same procedure as is there-
in provided so far as the same may be reasonable and ap-
plicable. Any fiduciary making distribution or delivery of
any property in obedience to such decree or order shall
be protected from any claim in respect thereof by such life
tenant, his heirs, personal representatives or assigns.
SEC. 2. And be it further enacted, That this Act shall
take effect June 1, 1933.
Approved April 21, 1933.
|
 |