THEODORE R. MCKELDIN, GOVERNOR 1003

CHAPTER 312
(Senate Bill 291)

AN ACT to repeal and re-enact with amendments Section
104 of Article 16 of the Annotated Code of Maryland
(1939 Edition), title "Chancery", sub-title "Jurisdic-
tion", relating to the jurisdiction of courts of chancery
with respect to trusts and the termination of certain
trusts.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That Section 104 of Article 16 of the Annotated Code of
Maryland (1939 Edition), title "Chancery", sub-title "Jur-
isdiction", be and it is hereby repealed and re-enacted with
amendments to read as follows:

104. Nothing in the testamentary law of this State
shall be construed in any manner to affect the general
superintending power of the courts having chancery juris-
diction with respect to trusts. Any voluntary trust here-
tofore or hereafter created, granting or reserving to a
beneficiary an estate together with a power to appoint an
absolute interest by will, the principal of which trust will
pass to the heirs at law of the beneficiary in default of
exercise of the power of appointment, may be terminated
by a court having jurisdiction of such trust if the court
is satisfied that the settlor or creator and the persons pres-
ently having beneficial interests in the trust consent to
such termination. The term "persons presently having
beneficial interests" shall include all persons in being hav-
ing a vested or contingent interest on the date of termina-
tion of such trust, but shall exclude persons who may have
possible interests in the future by reason of becoming one
of the class of heirs at law or appointees under the will of
the beneficiary. Whenever the court shall decree the ter-
mination of a trust under the provisions of this act the
trustee shall surrender and yield to the beneficiary or bene-
ficiaries entitled to receive the same the whole of the net
trust estate and accumulated income and the estate of the
trustee shall thereupon cease. Nothing in this act shall
limit the power of any court of this State to terminate,
modify or reform a trust under any existing law.

——————

EXPLANATION: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.

Strike out indicates matter stricken out of bill.