Ch. 418

1994 LAWS OF MARYLAND

(III) THE BENEFICIARY; AND

(IV) THE TRUSTEE OR MECHANISM FOR SELECTING THE TRUSTEE;
AND

(2) CREATING THE TRUST BY:

(I)       MAKING THE DESIGNATION IN A WILL, A TRUST, A DEED, AN
INSURANCE POLICY, AN INSTRUMENT EXERCISING A POWER OF APPOINTMENT, OR
A WRITING DESIGNATING A BENEFICIARY OF CONTRACTUAL RIGHTS; OR

(II)     REGISTERING THE DESIGNATION WITH OR DELIVERING IT TO
THE FIDUCIARY, PAYOR, ISSUER, OR OBLIGOR OF THE FUTURE RIGHT.

(D)     A TRANSFEROR CREATES A TRUST WHENEVER THE TRANSFEROR
REGISTERS PROPERTY IN THE NAME OF OR TRANSFERS PROPERTY TO THE
TRUSTEE OR DECLARANT AND USES IN SUBSTANCE THE FOLLOWING WORDS AFTER

THE TRUSTEE'S OR DECLARANT'S NAME: "AS TRUSTEE FOR___________ (NAME OF

BENEFICIARY) UNDER THE MARYLAND DISCRETIONARY TRUST ACT."

(E)      THE OBLIGATIONS OF A TRUSTEE BEGIN WHEN THE TRUSTEE ACCEPTS
THE TRUST PROPERTY BY WRITING IN SUBSTANCE THE FOLLOWING WORDS:

"TRUSTEE'S RECEIPT AND ACCEPTANCE

I, _________________ (NAME OF TRUSTEE) ACKNOWLEDGE RECEIPT OF THE

TRUST PROPERTY DESCRIBED BELOW OR IN THE ATTACHED INSTRUMENT AND

ACCEPT THE TRUST AS TRUSTEE FOR _____________________ (NAME OF

BENEFICIARY) UNDER THE MARYLAND DISCRETIONARY TRUST ACT. I UNDERTAKE
TO ADMINISTER AND DISTRIBUTE THE TRUST PROPERTY PURSUANT TO THE
MARYLAND DISCRETIONARY TRUST ACT. THE TRUST PROPERTY
CONSISTS OF________ (DESCRIPTION OF PROPERTY).

DATED: _______________________

(SIGNATURE OF TRUSTEE)"

(F)      A TRUST MAY BE CREATED BY SPECIFYING THAT PROPERTY IS TO BE
HELD IN TRUST UNDER THE MARYLAND DISCRETIONARY TRUST ACT.

(G)     (1) A TRUST MAY BE CREATED UNDER THIS SUBTITLE IF, AT THE TIME
THE TRUST IS CREATED, THE TRANSFEROR, THE TRUSTEE, OR THE BENEFICIARY IS
A RESIDENT OF THIS STATE, THE TRANSFEROR'S, THE TRUSTEE'S, OR THE
BENEFICIARY'S PRINCIPAL PLACE OF BUSINESS IS IN THIS STATE, OR TRUST
PROPERTY IS LOCATED IN THIS STATE.

(2) THE TRUST REMAINS SUBJECT TO THIS SUBTITLE EVEN UPON A
SUBSEQUENT CHANGE IN RESIDENCE OR PRINCIPAL PLACE OF BUSINESS OF THE
TRANSFEROR OR TRUSTEE, OR REMOVAL OF THE TRUST PROPERTY FROM THIS
STATE.

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