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2007 Laws of Maryland
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Ch. 381
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(A) (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.
(2) "LIVES IN BEING" MEANS THE LIVES OF PARTICULAR
INDIVIDUALS IN EXISTENCE AT THE TIME OF THE CREATION OF A NONDONATIVE
PROPERTY INTEREST.
(3) "NONDONATIVE" MEANS GIVEN FOR CONSIDERATION OTHER
THAN NOMINAL CONSIDERATION.
(4) (I) "PROPERTY INTEREST" MEANS A CONTRACT, LEASE,
OPTION, RIGHT OF FIRST OFFER, RIGHT OF FIRST REFUSAL, RIGHT OF FIRST
NEGOTIATION, OR SIMILAR PREEMPTIVE RIGHT RELATING TO A RIGHT TO THE
USE, POSSESSION, TRANSFER, OR OWNERSHIP OF REAL OR PERSONAL
PROPERTY OR AN INTEREST IN OR APPURTENANT TO REAL OR PERSONAL
PROPERTY.
(II) "PROPERTY INTEREST" INCLUDES A RIGHT OF THE
TYPE DESCRIBED IN SUBPARAGRAPH (I) OF THIS PARAGRAPH EVEN IF THE
RIGHT IS NOT APPLICABLE UNTIL AFTER ANOTHER PARTY HAS FAILED TO
EXERCISE OR CONSUMMATE A PRIOR RIGHT OF THE SAME TYPE.
(III) "PROPERTY INTEREST" DOES NOT INCLUDE A
PROPERTY INTEREST, POWER OF APPOINTMENT, OR CONTRACT TO EXERCISE A
RELEASE OF A POWER OF APPOINTMENT ARISING OUT OF:
1. A PREMARITAL OR POSTMARITAL AGREEMENT;
2. A SEPARATION OR DIVORCE SETTLEMENT;
3. AN ELECTION BY A SPOUSE;
4. AN ARRANGEMENT ARISING OUT OF A
PROSPECTIVE, EXISTING, OR PRIOR MARITAL RELATIONSHIP BETWEEN THE
PARTIES TO THE RELATIONSHIP;
5. A CONTRACT TO MAKE OR NOT TO REVOKE A WILL
OR TRUST;
6. A CONTRACT TO EXERCISE OR NOT TO EXERCISE A
POWER OF APPOINTMENT;
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- 2362 -
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