Ch. 418

1994 LAWS OF MARYLAND

(3)      DESIGNATE HOW THE TRUSTEE WILL BE CHOSEN;

(4)      DESIGNATE SUCCESSOR TRUSTEES IN THE ORDER IN WHICH THEY
WILL SERVE; AND

(5)      DESIGNATE HOW SUCCESSOR TRUSTEES WILL BE CHOSEN.

(C)     THE TRUSTEE SHALL HOLD, MANAGE, EXPEND, AND TRANSFER TRUST
PROPERTY AS PROVIDED IN THIS SUBTITLE.

(D)     THE SUCCESSOR TRUSTEE SHALL ASSUME THE RESPONSIBILITIES OF THE

TRUSTEE WHEN THE TRUSTEE IS NO LONGER WILLING OR ABLE TO SERVE.

(E)     A TRUST MAY HAVE ONLY ONE BENEFICIARY BUT MORE THAN ONE

TRUSTEE.

(F)      A TRUSTEE:

(1)      IS NOT PERSONALLY LIABLE TO A THIRD PERSON:

(I)       ON A CONTRACT PROPERLY ENTERED INTO IN A FIDUCIARY
CAPACITY UNLESS THE TRUSTEE FAILS TO REVEAL THAT CAPACITY OR TO
IDENTIFY THE TRUST IN THE CONTRACT; OR

(II)     FOR AN OBLIGATION ARISING FROM CONTROL OF TRUST
PROPERTY OR FOR A TORT COMMITTED IN THE COURSE OF THE ADMINISTRATION
OF THE TRUST, UNLESS THE TRUSTEE IS PERSONALLY AT FAULT;

(2)      MAY DECLINE TO SERVE AS TRUSTEE BEFORE ACCEPTING TRUST
PROPERTY BY NOTIFYING IN WRITING THE PERSON WHO DESIGNATED THE
TRUSTEE, OR THAT PERSON'S LEGAL REPRESENTATIVE; AND

(3)      MAY RESIGN AS TRUSTEE BY NOTIFYING THE SUCCESSOR TRUSTEE
IN WRITING, TRANSFERRING ALL TRUST PROPERTY TO, THE SUCCESSOR TRUSTEE,
PROVIDING THE SUCCESSOR TRUSTEE WITH A COMPLETE ACCOUNTING OF TRUST
PROPERTY, AND CONFIRMING THAT THE SUCCESSOR TRUSTEE HAS ACCEPTED THE
TRUST PROPERTY.

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(G)     THE NEXT WILLING SUCCESSOR TRUSTEE IN LINE SHALL ACCEPT THE
RECORDS AND TRUST PROPERTY AND BECOME TRUSTEE AS SOON AS PRACTICABLE
AFTER:

(1)      THE RESIGNATION OF THE TRUSTEE;

(2)      THE DECLINATION OF THE TRUSTEE;

(3)      THE DEATH OF THE TRUSTEE; OR

(4)     THE REMOVAL OF THE TRUSTEE.

(H) IF THE TRUSTEE IS UNABLE OR UNWILLING TO SERVE AND NO
SUCCESSOR TRUSTEE WILL SERVE, THE FOLLOWING PERSONS IN THE ORDER
LISTED MAY PETITION THE COURT TO DESIGNATE A SUCCESSOR TRUSTEE::

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