Maryland Statutes
Title 15 - Fiduciaries
Subtitle 5 - Maryland Uniform Principal and Income Act

Part I - Definitions; Fiduciary Duties

Section 15-501 - Definitions - (a) In this subtitle the following words have the meanings...

Section 15-502 - Fiduciary Duties; General Principles - (a) In allocating receipts and disbursements to or between principal...

Section 15-502.1 - Conversion of Trust Into Unitrust - (a) A trustee may convert a trust into a unitrust...

Section 15-502.2 - Adjustment Between Principal and Income - (a) A trustee may adjust between principal and income to...

Section 15-502.3 - Proposed Decision by Trustee - (a) In this section, “qualified beneficiary” means: (1) A person...

Part II - Decedent's Estate or Terminating Income Interest

Section 15-503 - Determination and Distribution of Net Income - (a) The rules in subsections (b) through (e) of this...

Section 15-504 - Distribution to Residuary and Remainder Beneficiaries - (a) (1) Each beneficiary described in § 15–503(d) of this...

Part III - Apportionment at Beginning and End of Income Interest

Section 15-505 - When Right to Income Begins and Ends - (a) (1) An income beneficiary is entitled to net income...

Section 15-506 - Apportionment of Receipts and Disbursements When Decedent Dies or Income Interest Begins - (a) A trustee shall allocate an income receipt or disbursement...

Section 15-507 - Apportionment When Income Interest Ends - (a) (1) In this section, “undistributed income” means net income...

Part IV - Allocation of Receipts During Administration of Trust

Section 15-508 - Character of Receipts - (a) In this section, “entity” means a corporation, partnership, limited...

Section 15-509 - Distribution From Trust or Estate - (a) A trustee shall allocate to income an amount received...

Section 15-510 - Separate Accounting Methods in Business and Other Activities Conducted by Trustee - (a) If a trustee who conducts a business or other...

Section 15-511 - Principal Receipts - A trustee shall allocate to principal: (1) To the extent...

Section 15-512 - Rental Property - (a) To the extent that a trustee accounts for receipts...

Section 15-513 - Obligation to Pay Money - (a) An amount received as interest, whether determined at a...

Section 15-514 - Insurance Policies and Similar Contracts - (a) Except as provided in subsection (b) of this section,...

Section 15-515 - Insubstantial Allocations Not Required - (a) (1) If a trustee determines that an allocation between...

Section 15-516 - Deferred Compensation, Annuities, and Similar Payments - (a) (1) In this section the following words have the...

Section 15-517 - Liquidating Asset - (a) (1) In this section, “liquidating asset” means an asset...

Section 15-518 - Minerals, Water, and Other Natural Resources - (a) To the extent that a trustee accounts for receipts...

Section 15-519 - Timber - (a) To the extent that a trustee accounts for receipts...

Section 15-520 - Property Not Productive of Income - (a) (1) If a marital deduction is allowed for all...

Section 15-521 - Derivatives and Options - (a) In this section, “derivative” means a contract or financial...

Section 15-522 - Asset-Backed Securities - (a) (1) In this section, “asset-backed security” means an asset...

Part V - Allocation of Disbursements During Administration of Trust

Section 15-523 - Disbursements From Income - A trustee shall make the following disbursements from income to...

Section 15-524 - Disbursements From Principal - (a) A trustee shall make the following disbursements from principal:...

Section 15-525 - Transfers From Income to Principal for Depreciation - (a) In this section, “depreciation” means a reduction in value...

Section 15-526 - Transfers From Income to Reimburse Principal - (a) If a trustee makes or expects to make a...

Section 15-527 - Income Taxes - (a) A tax required to be paid by a trustee...

Section 15-528 - Adjustments Between Principal and Income Because of Taxes - (a) A fiduciary may make adjustments between principal and income...

Section 15-529 - Uniformity of Application and Construction - This subtitle shall be so applied and construed to effectuate...

Section 15-530 - Short Title - This subtitle may be cited as the “Maryland Uniform Principal...