§ 14.5-504
213 words·~1 min read·
/md/estates-and-trusts/14-5-504·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§14.5–504.
(a)A spendthrift provision is valid and enforceable.
(b)A provision of a trust providing that the interest of a beneficiary is held subject to a “spendthrift trust”, or words of similar import, restrains both voluntary and involuntary transfer of the beneficiary’s interest.
(c)A beneficial interest that is subject to a spendthrift provision may not be judicially foreclosed or attached by a creditor.
(1)A beneficiary may not transfer an interest in a trust in violation of a valid spendthrift provision and, except as otherwise provided in this subtitle, a creditor or an assignee of the beneficiary may not reach the interest or a distribution by the trustee before the receipt by the beneficiary of the interest or distribution.
(2)An attempt by a beneficiary to transfer an interest in a trust in violation of a valid spendthrift provision shall be void and of no effect.
(1)The use, occupancy, and enjoyment of a single parcel of residential real property, as designated by the trustee, and tangible personal property by a beneficiary whose interest is subject to a spendthrift provision may not be transferred.
(2)The use, occupancy, and enjoyment described in paragraph
(1)of this subsection are not subject to the enforcement of a judgment against the beneficiary.