64                                          LAWS OF MARYLAND                             [Ch. 11

TESTATE[[,]] OR INTESTATE, OWNING THE PROPERTY.
(C) CREDITORS OF DECEASED LEGATEE.

CREDITORS OF THE DECEASED LEGATEE SHALL HAVE NO
INTEREST IN THE PROPERTY, WHETHER THE CLAIM IS BASED ON
CONTRACT, TORT, TAX OBLIGATIONS, OR ANY OTHER ITEM.

REVISOR'S NOTE: This section presently appears as
Art. 93, §4-403. It is divided into three
subsections. The only changes are in language
and style.

4-404. VOID OR INOPERATIVE LEGACIES.

(A)

NON-RESIDUARY LEGATEE.

UNLESS A CONTRARY INTENT IS EXPRESSLY INDICATED IN
THE WILL, PROPERTY FAILING TO PASS UNDER A VOID OR
INOPERATIVE LEGACY, AND WHICH IS NOT PROVIDED FOR IN
§4-403, SHALL BE DISTRIBUTED AS PART OF THE ESTATE OF THE
TESTATOR TO THOSE PERSONS, INCLUDING LEGATEES, WHO WOULD
HAVE TAKEN THE PROPERTY IF THE VOID OR INOPERATIVE LEGACY
HAD NOT EXISTED.

(B) RESIDUARY LEGATEE.

WHERE A LEGACY TO ONE OF TWO OR MORE RESIDUARY

LEGATEES IS VOID OR INOPERATIVE, THE OTHER RESIDUARY

LEGACIES SHALL BE AUGMENTED PROPORTIONATELY BY THE

PROPERTY WHICH IS THE SUBJECT OF THE LEGACY.

REVISOR'S NOTE: This section presently appears as
Art. 93, §4-404. It is divided into two
subsections. The only changes are in language
and style.

4-405. CHANGE IN SECURITIES.

UNLESS A CONTRARY INTENT IS EXPRESSLY INDICATED IN
THE WILL, IF SECURITIES ARE THE SUBJECT OF A SPECIFIC
LEGACY AND AFTER THE EXECUTION OF THE WILL OTHER
SECURITIES OF THE SAME OR ANOTHER ENTITY ARE DISTRIBUTED
TO THE TESTATOR BECAUSE OF HIS OWNERSHIP OF THE ORIGINAL
SECURITIES, WHETHER AS A RESULT OF A PARTIAL LIQUIDATION,
STOCK DIVIDEND, STOCK SPLIT, MERGER, CONSOLIDATION,
REORGANIZATION, RECAPITALIZATION, REDEMPTION, EXCHANGE,
OR OTHER TRANSACTION, AND IF THESE SECURITIES ARE PART OF
THE ESTATE OF THE TESTATOR AT HIS DEATH, THE SPECIFIC
LEGACY INCLUDES THE ADDITIONAL OR SUBSTITUTED SECURITIES.

REVISOR'S NOTE: This section presently appears as
Art. 93, §4-405. Only a slight change is made
in language.