§ 14.5-1001. Tax-exempt status.
***Former MD E&T 14-114 re-enacted***
(A) (1) In this section the following words have the meanings indicated.
(2) “Consideration” does not include the amount of any obligation under a mortgage or deed of trust encumbering the transferred property.
(3) “Trust” does not include:
(i) A real estate investment trust as defined in § 8–101 of the Corporations and Associations Article; or
(ii) A statutory trust as defined in § 12–101 of the Corporations and Associations Article.
(b) A recordation tax, transfer tax, or any other state or local excise tax may not be imposed on the transfer of real property or an interest in real property without consideration or on the recordation of an instrument that transfers real property or an interest in real property without consideration if:
(1) The transfer is to a trust; or
(2) The transfer is from a trust to one or more beneficiaries and:
(i) The transfer is made to a person that would be exempt from tax under Title 12 or Title 13 of the Tax – Property Article if the transfer had been made to that person directly by the grantor; or
(ii) The transfer is made during the life of the grantor of the trust and the trustee of the trust originally acquired the real property for adequate consideration.