Section 15 Maryland

• Library: Trust and Estate Legislation 2012

Also in 2010, Maryland enacted § 14-113, Trust Property Immune From Claims of Creditors. It was by far the most detailed of the statutes at the time of its enactment.

(a) In this section, “proceeds” means:

(1) Property acquired by the trustee upon the sale, lease, license, exchange, or other disposition of property originally conveyed by a husband and wife to a trustee or trustees;

(2) Property collected by the trustee on, or distributed on account of, property originally conveyed by a husband and wife to a trustee or trustees;

(3) Rights arising out of property originally conveyed by a husband and wife to a trustee;

(4) Claims arising out of the loss, nonconformity, or interference with the use of, defects or infringement of rights in, or damage to, property originally

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conveyed by a husband and wife to a trustee;

(5) Insurance payable by reason of the loss or nonconformity of, defects or infringement of rights in, or damage to, property originally conveyed by a husband and wife to a trustee; or

(6) Property held by the trustee that is otherwise traceable to property originally conveyed by a husband and wife to a trustee or the property proceeds described in items (1) through (5) of this subsection.

(b) [Immunity from claims of separate creditors.] Any property of a husband and wife that is held by them as tenants by the entirety and subsequently conveyed to a...