Current with changes from the 2024 Legislative Session
Section 5-605 - Trust agreement(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:(ii) accumulation of income;(iii) reinvestment of income;(iv) administration of the trust fund; and(v) powers of the trustee as to investments.(c)(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.