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Comparison of Uniform Trust Code, DC Trust Code, Maryland Trust Act, and Virginia Trust Code, with Annotations

  • Preamble
  • Article 1
  • Article 2
  • Article 3
  • Article 4
  • Article 5
  • Article 6
  • Article 7
  • Article 8
  • UPIA-UTC Article 9
  • Article 10
  • Article 11
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A

MD §14.5-815(a)(2)(iii) adds a reference to the new Maryland Fiduciary Access to Digital Assets Act (“MFADAA”) which took effect on October 1, 2016. This additional provision gives the trustee authority to exercise the powers conferred in the MFADAA.
Because well-drafted Virginia trust instruments contain language conferring on fiduciaries, by incorporation, the powers listed in VA §64.2-105, there will be duplication between the powers conferred expressly in the instrument and those arising by application of default rules under the approach of the VA UTC. VA §64.2-777(C) and VA §64.2-778(B) are included to reduce the likelihood of conflict between express powers in an instrument and those under default rules.

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UTC

§ 815. General powers of trustee.

(a) A trustee, without authorization by the court, may exercise:
(1) powers conferred by the terms of the trust; and
(2) except as limited by the terms of the trust:
(A) all powers over the trust property which an unmarried competent owner has over individually owned property;
(B) any other powers appropriate to achieve the proper investment, management, and distribution of the trust property; and
(C) any other powers conferred by this [Code].
(b) The exercise of a power is subject to the fiduciary duties prescribed by this [article].

DC

§ 19-1308.15. General powers of trustee.

(a) A trustee, without authorization by the court, may exercise:
(1) Powers conferred by the terms of the trust; and
(2) Except as limited by the terms of the trust:
(A) All powers over the trust property which an unmarried competent owner has over individually owned property;
(B) Any other powers appropriate to achieve the proper investment, management, and distribution of the trust property; and
(C) Any other powers conferred by this chapter.
(b) The exercise of a power is subject to the fiduciary duties prescribed by this subchapter.

MD

§ 14.5-815. Powers of trustee without authorization of court.

A

(a) A trustee, without authorization by the court, may exercise:
(1) Powers conferred by the terms of the trust; or
(2) Except as limited by the terms of the trust:
(i) All powers over the trust property that an unmarried competent owner has over individually owned property;
(ii) Other powers appropriate to achieve the proper investment, management, and distribution of the trust property; and
(iii) Other powers conferred by this title or Title 15, Subtitle 6 of this article.
[MISSING UTC(b)]

VA

§ 64.2-777. General powers of trustee

A

A. A trustee, without authorization by the court, may exercise:
1. Powers conferred by the terms of the trust; and
2. Except as limited by the terms of the trust:
a. All powers over the trust property that an unmarried competent owner has over individually owned proper-ty;
b. Any other powers appropriate to achieve the proper investment, management, and distribution of the trust property; and
c. Any other powers conferred by this chapter.
B. The exercise of a power is subject to the fiduciary duties prescribed by this article.
C. Any reference in a trust instrument incorporating the powers authorized under § 64.2-105 shall not be construed to limit powers a trustee may exercise pursuant to this section, unless the settlor expressly states in the trust instrument that such reference should be so construed.

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