1. (a) Except as otherwise provided in this section, this subtitle applies to any express trust that:

   1. (1) Is irrevocable or revocable by the settlor only with the consent of the trustee or a person holding an adverse interest; and

   2. (2)

      1. (i) Has its principal place of administration in this State, including a trust whose principal place of administration has been changed to this State; or

      2. (ii) Is governed by the law of this State for the purpose of:

         1. 1. Administration, including administration of a trust whose governing law for purposes of administration has been changed to the law of this State;
         2. 2. Construction of the terms of the trust; or
         3. 3. Determining the meaning or effect of the terms of the trust.
2. (b) This subtitle does not apply to a trust held solely for charitable purposes.
3. (c) Except as otherwise provided in this subtitle, a trust instrument may restrict or prohibit the exercise of the decanting power.

4. (d) This subtitle does not limit the power of a trustee, a powerholder, or any other person to:

   1. (1) Distribute or appoint property in further trust; or
   2. (2) Modify a trust under the trust instrument, law of this State other than this title, common law, a court order, or a nonjudicial settlement agreement.
5. (e) This subtitle does not limit the ability of a settlor to provide in a trust instrument for the distribution or appointment in further trust of trust property or the modification of the trust instrument.

Added by Acts 2023, c. 715, § 1, eff. Oct. 1, 2023; Acts 2023, c. 716, § 1, eff. Oct. 1, 2023.