WILLIAM DONALD SCHAEFER, Governor                            Ch. 418

(3) A REGISTRATION, DECLARATION, OR TRANSFER MADE UNDER AN
ACT OF ANOTHER STATE SUBSTANTIALLY SIMILAR TO THIS SUBTITLE:

(I)       IS GOVERNED BY THE LAW OF THAT STATE; AND

(II)     MAY BE ENFORCED IN THIS STATE.

(H) (1) THIS SUBTITLE MAY NOT LIMIT OTHER MEANS OF DECLARING
TRUSTS OR TRANSFERRING PROPERTY IN TRUST.

(2) A TRUST, THE TERMS OF WHICH DO NOT CONFORM TO THIS
SUBTITLE, MAY BE ENFORCEABLE ACCORDING TO ITS TERMS.

14-405.

(A)     THE TRUSTEE'S OBLIGATIONS BEGIN WHEN THE TRUSTEE ACCEPTS THE
TRUST PROPERTY BY WRITING WORDS SUBSTANTIALLY SIMILAR TO THOSE
SPECIFIED IN § 14-404(E) OF THIS SUBTITLE.

(B)     A TRUSTEE SHALL:

(1)      TAKE CONTROL OF TRUST PROPERTY;

(2)      REGISTER OR RECORD TITLE TO TRUST PROPERTY IF
APPROPRIATE; AND

(3)      COLLECT, HOLD, MANAGE, INVEST, AND REINVEST TRUST
PROPERTY.

(C)      IN ADMINISTERING TRUST PROPERTY, A TRUSTEE SHALL OBSERVE THE
STANDARD OF CARE THAT WOULD BE OBSERVED BY A PRUDENT PERSON DEALING
WITH PROPERTY OF ANOTHER AND IS NOT LIMITED BY ANY OTHER STATUTE
RESTRICTING INVESTMENTS BY FIDUCIARIES.

(D)     IF A TRUSTEE HAS A SPECIAL SKILL OR EXPERTISE, OR IS NAMED
TRUSTEE ON THE BASIS OF REPRESENTATIONS OF A SPECIAL SKILL OR EXPERTISE,
THE TRUSTEE SHALL UTILIZE THAT SKILL OR EXPERTISE.

(E)      (1) A TRUSTEE SHALL AT ALL TIMES KEEP TRUST PROPERTY SEPARATE
AND DISTINCT FROM ALL OTHER PROPERTY IN A MANNER SUFFICIENT TO IDENTIFY
IT CLEARLY AS TRUST PROPERTY.

(2)      TRUST PROPERTY CONSISTING OF AN UNDIVIDED INTEREST IS SO
IDENTIFIED IF THE TRUSTEE'S INTEREST IS HELD AS A TENANT IN COMMON.

(3)      TRUST PROPERTY SUBJECT TO RECORDATION IS SO IDENTIFIED IF
IT IS RECORDED, REGISTERED, OR HELD IN AN ACCOUNT DESIGNATED IN THE

NAME OF THE TRUSTEE, FOLLOWED BY THE WORDS, "AS TRUSTEE FOR ___________

(NAME OF BENEFICIARY) UNDER THE MARYLAND DISCRETIONARY TRUST ACT", OR
SIMILAR WORDS.

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