Maryland § 12-303
Full text of Maryland Maryland Code § 12-303, with citation guidance and answers to common questions.
§ 12-303.
(a) Except as provided in the governing instrument of a statutory trust, a beneficial owner shall have an undivided beneficial interest in the property of the statutory trust and shall share in the profits and losses of the statutory trust in the proportion of the entire undivided beneficial interest in the statutory trust owned by the beneficial owner.
(b) (1) Except as provided in the governing instrument of a statutory trust, a beneficial owner has no interest in specific property of the statutory trust.
(2) A creditor of the beneficial owner has no right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the statutory trust.
(c) A beneficial interest in a statutory trust is personal property notwithstanding the nature of the property of the trust.
(d) Except as provided in the governing instrument of a statutory trust, a beneficial interest in the statutory trust is freely transferable.
(e) Except as provided in the governing instrument of a statutory trust, at the time a beneficial owner becomes entitled to receive a distribution, the beneficial owner has the status of, and is entitled to all remedies available to, a creditor of the statutory trust with respect to the distribution.
(f) A governing instrument may provide for the establishment of record dates with respect to allocations and distributions by a statutory trust or for any other purpose.
(g) Except as provided in the governing instrument of a statutory trust or by agreement, a beneficial owner shall have no preemptive right to acquire any beneficial interest or other interest in the statutory trust.
Frequently Asked Questions About Maryland § 12-303
What does Maryland Code § 12-303 cover?
Section 12-303 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 12-303?
A common citation format is "Maryland Code § 12-303" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 12-303 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.