§ 5-605
145 words·~1 min read·
/md/business-regulation/5-605A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§5–605.
(a)The terms of a trust to provide for perpetual care shall be designated in a written agreement between the registered cemeterian, permit holder, or any other person subject to the trust requirements of this subtitle and trustee.
(b)The terms of the trust agreement:
(1)shall conform to this subtitle; and
(2)may include provisions about:
(i)payment of income;
(ii)accumulation of income;
(iii)reinvestment of income;
(iv)administration of the trust fund; and
(v)powers of the trustee as to investments.
(1)A trust agreement shall be irrevocable.
(2)However, a trust agreement may:
(i)give the registered cemeterian, permit holder, or other person subject to the trust requirements of this subtitle the right to remove the trustee and appoint another qualified trustee; and
(ii)provide for the appointment of individuals as cotrustees and successor cotrustees with a corporate trustee.