§ 15–525
Statutes in effect as of October 1, 2026.
Md. Code Ann., Est. & Trusts § 15-525 (2026)
Title 15. Fiduciaries
Subtitle 5. Maryland Uniform Principal and Income Act
§ 15–525LinkCopy Citation
(a)
In this section, “depreciation” means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than 1 year.
(b)
A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation:
(1)
Of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary;
(2)
During the administration of a decedent’s estate; or
(3)
Under this section if the trustee is accounting under § 15-510 of this subtitle for the business or activity in which the asset is used.
(c)
An amount transferred to principal need not be held as a separate fund.