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Working with others · 6 мин чтения
Everyone participates
Est. & Trusts § 14.5-703(b) provides that a cotrustee participates in the performance of a trustee's function unless unavailable because of absence, illness, disqualification under other law or other temporary incapacity, or the cotrustee has properly delegated the function to another trustee. The trust's own terms may set a different rule; Maryland's statute supplies none of its own.
When the others may act
On a vacancy in a cotrusteeship, the remaining cotrustees may act for the trust (Est. & Trusts § 14.5-703(a)). Where a cotrustee is unavailable for one of the statute's reasons and prompt action is necessary to achieve the trust's purposes or to avoid injury to its property, the remaining cotrustees may act (§ 14.5-703(c)). While a cotrustee remains in office, a vacancy need not be filled (Est. & Trusts § 14.5-704(b)).
Delegating to a cotrustee
A trustee may delegate investment and management functions to a cotrustee as prudent under the circumstances, and — unless the delegation was irrevocable — may revoke it (Est. & Trusts § 14.5-703(d)). Record each delegation, its scope and its date.
A successor, and the predecessor
A successor trustee is not liable for a former trustee's breach, but is liable for knowingly letting a breach continue, for neglecting to compel the delivery of the trust property, or for neglecting to redress the predecessor's breach (Est. & Trusts § 14.5-812). Until the property is delivered, a trustee who resigned or was removed keeps the duties of a trustee and the powers necessary to protect it (Est. & Trusts § 14.5-707).
When cooperation fails
A lack of cooperation among cotrustees that substantially impairs the administration is a ground on which the court may remove a trustee, on the request of the settlor, a cotrustee or a beneficiary or on its own initiative (Est. & Trusts § 14.5-706). Interested persons may also resolve a matter by a binding nonjudicial settlement agreement within Est. & Trusts § 14.5-111's limits. Which path fits a particular disagreement is a question for a licensed Maryland attorney of your choosing.
Законы, дословно
Cotrustees
Est. & Trusts § 14.5-703 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Vacancy in trusteeship; appointment of successor
Est. & Trusts § 14.5-704 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Removal of trustee
Est. & Trusts § 14.5-706 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Successor trustee and a former trustee's breach
Est. & Trusts § 14.5-812 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Частые вопросы
Can Maryland cotrustees act by majority?
The statute supplies no majority rule: each cotrustee participates unless unavailable or the function was properly delegated (Est. & Trusts § 14.5-703(b)). The trust's own terms may provide otherwise.
Can one Maryland cotrustee act alone in an emergency?
Where a cotrustee is unavailable because of absence, illness, disqualification or temporary incapacity and prompt action is necessary, the remaining cotrustees may act (Est. & Trusts § 14.5-703(c)).
Can a Maryland cotrustee hand investing to the other cotrustee?
Yes — a trustee may delegate investment and management functions to a cotrustee as prudent, and revoke a revocable delegation (Est. & Trusts § 14.5-703(d)).
По теме
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