reglab/housing_qa huggingface dataset:
MD. Corporations and Associations Code Ann. §  12-102 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 12 - Statutory Trusts|Subtitle 1 - Definitions; General Provisions|Section 12-102 - Applicable Law; Tax Classification; Income Tax Exemption

    (a)    Except as provided in the governing instrument of a statutory trust or in this title, the laws of this State pertaining to trusts are hereby made applicable to statutory trusts.    (b)    For purposes of any tax imposed by the Tax – General Article, a statutory trust shall be classified as a corporation, an association, a partnership, a trust, or otherwise, as shall be determined under the United States Internal Revenue Code of 1986, as amended, or under any successor provision.    (c)    Any statutory trust qualifying as a real estate mortgage investment conduit under § 860D of the Internal Revenue Code or any successor provision shall be exempt from income tax except with respect to that portion of its income that is subject to federal income tax.
MD. Corporations and Associations Code Ann. §  12-103 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 12 - Statutory Trusts|Subtitle 1 - Definitions; General Provisions|Section 12-103 - Separate Legal Entity

    A statutory trust established in accordance with the provisions of this title is a separate legal entity.
MD. Corporations and Associations Code Ann. §  12-104 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 12 - Statutory Trusts|Subtitle 1 - Definitions; General Provisions|Section 12-104 - Short Title

    This title may be cited as the “Maryland Statutory Trust Act”.
MD. Corporations and Associations Code Ann. §  12-105 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 12 - Statutory Trusts|Subtitle 1 - Definitions; General Provisions|Section 12-105 - Construction

    (a)    This title shall be liberally construed to give maximum effect to the principle of freedom of contract and to the enforceability of governing instruments.    (b)    The presumption that a civil statute in derogation of the common law is construed strictly does not apply to this title.
MD. Corporations and Associations Code Ann. §  12-202 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 12 - Statutory Trusts|Subtitle 2 - Formation and Powers|Section 12-202 - Perpetual Existence; Dissolution; Winding Up; Claims and Obligations

    (a)    Except as provided in its governing instrument, a statutory trust:        (1)    Shall have perpetual existence; and        (2)    May not be terminated or revoked by a beneficial owner or other person except in accordance with the terms of the governing instrument of the statutory trust.    (b)    Except as provided in the governing instrument of a statutory trust, the death, incapacity, dissolution, termination, or bankruptcy of a beneficial owner shall not result in the termination or dissolution of a statutory trust.
MD. Corporations and Associations Code Ann. §  12-203 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 12 - Statutory Trusts|Subtitle 2 - Formation and Powers|Section 12-203 - Principal Office; Resident Agent

    (a)    A Maryland statutory trust shall have:        (1)    A principal office in this State; and        (2)    A resident agent.    (b)    (1)    A statutory trust may designate or change its resident agent or principal office by filing for record with the Department a certified copy of a resolution of its trustees that authorizes the designation or change.        (2)    A statutory trust may change the address of its resident agent by filing for record with the Department a statement of the change signed by one of its trustees or by an officer of the statutory trust.        (3)    A designation or change of a statutory trust’s principal office or its resident agent or its resident agent’s address under this subsection is effective when the Department accepts the resolution or statement for record.    (c)    (1)    A resident agent who changes the resident agent’s name or address in the State shall notify the Department of the change by filing for record with the Department a statement of the change signed by the resident agent or on behalf of the resident agent.        (2)    The statement shall include:            (i)    The names of the statutory trusts for which the change is effective;            (ii)    The resident agent’s old and new addresses or the resident agent’s old and new names; and            (iii)    The date on which the change is effective.        (3)    If the old and new addresses of the resident agent are the same as the old and new addresses of the principal office of the statutory trust, the statement may include a change of address for the principal office if:            (i)    The resident agent notifies the statutory trust in writing that the statement will be filed; and            (ii)    The statement recites that the resident agent has done so.        (4)    The statement of the change of name or address of the resident agent or principal office of a statutory trust is effective when the Department accepts the statement for record.    (d)    (1)    A resident agent may resign by filing with the Department a counterpart or photocopy of the resident agent’s signed resignation.        (2)    Unless a later time is specified in the resignation, the resignation is effective:            (i)    At the time it is filed with the Department, if the statutory trust has appointed a successor resident agent; or            (ii)    10 days after it is filed with the Department, if the statutory trust has not appointed a successor resident agent.    (e)    Service of process on a registered agent designated by a statutory trust under subsection (b) of this section shall be as effective as if served on one of the trustees of the statutory trust.
MD. Corporations and Associations Code Ann. §  12-205 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 12 - Statutory Trusts|Subtitle 2 - Formation and Powers|Section 12-205 - Certificate of Trust -- Execution, Filing, Recordation, Etc

    (a)    (1)    Articles of merger or consolidation, a restated certificate of trust, a certificate of amendment, a certificate of cancellation, or an amendment of a certificate or articles shall be executed:            (i)    In the manner required by § 1–301 of this article; or            (ii)    1.    By a person duly authorized by one or more of the trustees; or                2.    If there is no trustee, as provided in the governing instrument of the statutory trust.        (2)    If articles of merger or consolidation or a certificate of termination or amendment of articles of merger or consolidation is being filed by another business entity or a foreign business entity, the articles of merger or consolidation or the certificate of termination or amendment of articles of merger or consolidation shall be executed by a person authorized to execute the articles or certificate on behalf of the other business entity or foreign business entity.    (b)    (1)    An executed copy of each certificate required by this subtitle shall be filed with the Department.        (2)    The Department may not accept for record any certificate that does not meet the requirements of this subtitle.        (3)    The Department may not accept for record or filing any certificate or other document until all required fees have been paid to the Department.    (c)    When the Department accepts for record any certificate or any document designating or changing the name or address of a resident agent or principal office of a Maryland statutory trust, the Department shall promptly record the document.    (d)    The fact that a certificate of trust is on file in the office of the Department is notice:        (1)    That the entity formed in connection with the filing of the certificate of trust is a statutory trust formed under the laws of the State;        (2)    Of all other facts which are required to be set forth in a certificate of trust by § 12–204 of this subtitle; and        (3)    Of the limitation on liability of a series of a statutory trust which is permitted to be set forth in a certificate of trust by § 12–501(d) of this title.
MD. Corporations and Associations Code Ann. §  12-206 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 12 - Statutory Trusts|Subtitle 2 - Formation and Powers|Section 12-206 - Name

    The name of each statutory trust as set forth in its certificate of trust shall comply with the requirements of Title 1, Subtitle 5 of this article.
MD. Corporations and Associations Code Ann. §  12-208 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 12 - Statutory Trusts|Subtitle 2 - Formation and Powers|Section 12-208 - Responsibilities of Trustees

    Except as provided in the governing instrument of a statutory trust, the trustees shall elect the officers and appoint the managers, employees, and other agents of the statutory trust.
MD. Corporations and Associations Code Ann. §  12-301 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 12 - Statutory Trusts|Subtitle 3 - Beneficial Owners|Section 12-301 - Consideration; Obligations; Penalties Upon Failure to Make Contribution

    (a)    (1)    A person may become a beneficial owner of a statutory trust and may receive a beneficial interest in a statutory trust without payment of consideration to the statutory trust.        (2)    The consideration for a beneficial interest in a statutory trust may consist of:            (i)    Money;            (ii)    Tangible or intangible property;            (iii)    Labor or services actually performed for the statutory trust;            (iv)    A promissory note or other obligation for future payment of money;            (v)    The transfer of tangible or intangible property;            (vi)    A contract for future performance of labor or services; or            (vii)    Any combination of the consideration described in items (i) through (vi) of this paragraph.    (b)    Except as provided in the governing instrument of a statutory trust or by agreement between the beneficial owner and the statutory trust:        (1)    A beneficial owner is obligated to the statutory trust to perform any promise to contribute cash or property or to perform services, even if the beneficial owner is unable to perform because of death, disability, or any other reason;        (2)    Subject to the provisions of item (3) of this subsection, if a beneficial owner does not make the required contribution of property or services, the beneficial owner is obligated to the statutory trust to contribute cash equal to that portion of the agreed value, as stated in the records of the statutory trust, of the contribution that has not been made; and        (3)    The obligation provided in item (2) of this subsection shall be in addition to, and not in lieu of, any other rights, including the right to specific performance, that the statutory trust may have against the beneficial owner under the governing instrument or applicable law.    (c)    (1)    A governing instrument may provide that the interest of any beneficial owner who fails to make any contribution that the beneficial owner is obligated to make shall be subject to specific penalties for, or specified consequences of, the failure.        (2)    The penalty or consequence may take the form of:            (i)    Reducing or eliminating the defaulting beneficial owner’s proportionate interest in the statutory trust, subordinating the beneficial owner’s interest to that of nondefaulting beneficial owners;            (ii)    A forced sale of the beneficial owner’s interest;            (iii)    A forfeiture or cancellation of the beneficial owner’s interest;            (iv)    A lending by other beneficial owners of the amount necessary to meet the defaulting beneficial owner’s commitment;            (v)    A fixing of the value of the defaulting beneficial owner’s interest by appraisal or by formula, and a redemption or sale of the defaulting beneficial owner’s interest at that value; or            (vi)    Any other penalty or consequence.
MD. Corporations and Associations Code Ann. §  12-302 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 12 - Statutory Trusts|Subtitle 3 - Beneficial Owners|Section 12-302 - Liability; Defenses

    (a)    Except as provided in the governing instrument of a statutory trust, the beneficial owners shall be entitled to the same limitation of personal liability extended to stockholders of a Maryland corporation formed under Title 2 of this article.    (b)    (1)    Neither an obligation of a beneficial owner or trustee of a statutory trust to the statutory trust arising under the governing instrument or a separate agreement in writing, or a note, instrument, or other writing evidencing any such obligation of a beneficial owner or trustee, shall be subject to the defense of usury.        (2)    A beneficial owner or trustee may not interpose the defense of usury with respect to any obligation identified in paragraph (1) of this subsection in any action.
MD. Corporations and Associations Code Ann. §  12-303 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 12 - Statutory Trusts|Subtitle 3 - Beneficial Owners|Section 12-303 - Beneficial Interests

    (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.
MD. Corporations and Associations Code Ann. §  12-304 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 12 - Statutory Trusts|Subtitle 3 - Beneficial Owners|Section 12-304 - Indemnification

    (a)    Except as provided in its governing instrument, a statutory trust shall have the power to:        (1)    Indemnify and hold harmless, and to obligate itself to indemnify and hold harmless, any beneficial owner from and against any and all claims and demands whatsoever; and        (2)    Pay or reimburse in advance of final disposition of a proceeding, as defined in § 2–418 of this article, any expenses incurred in connection with the proceeding.    (b)    The absence of a provision for indemnity in the governing instrument of a statutory trust may not be construed to deprive a beneficial owner of any right to indemnity that is otherwise available to the beneficial owner under the laws of the State.
MD. Corporations and Associations Code Ann. §  12-305 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 12 - Statutory Trusts|Subtitle 3 - Beneficial Owners|Section 12-305 - Information Access

    (a)    Except as provided in the governing instrument of a statutory trust, a beneficial owner, a holder of a voting trust certificate in the statutory trust, or a beneficial owner’s agent may inspect and copy during usual business hours any of the following statutory trust documents:        (1)    The governing instrument and all amendments;        (2)    Minutes of the proceedings of the beneficial owners;        (3)    An annual statement of affairs; and        (4)    Voting trust agreements on file at the statutory trust’s principal office.    (b)    (1)    Except as provided in the governing instrument of a statutory trust, a beneficial owner, who for at least 6 months has been the beneficial owner of record of outstanding beneficial interests of any series or class of beneficial interests of the statutory trust entitled to cast at least 5% of all the votes entitled to be cast generally in the election of trustees, may present to any officer of the statutory trust a written request for a list of the beneficial owners of record of that series or class as disclosed by the records of the statutory trust relating to the issuance and transfer of beneficial interests.        (2)    Except as provided in the governing instrument of a statutory trust, within 20 days after a request for information is made under paragraph (1) of this subsection, the statutory trust shall prepare and have available on file at its principal office a list that:            (i)    Is verified under oath by one of its officers or its transfer agent or registrar; and            (ii)    Sets forth the name and address of each beneficial owner of record of the series or class and the number of shares of the series or class held by the beneficial owner.    (c)    Except as provided in the governing instrument of a statutory trust, each trustee shall have the right to examine all documents and information regarding the statutory trust for any purpose reasonably related to the performance of the trustee’s duties as a trustee.    (d)    Except as provided in its governing instrument a statutory trust shall have the right to keep confidential from the beneficial owners, for such period of time as the trustees deem reasonable, any information that:        (1)    The trustees reasonably believe to be in the nature of trade secrets or other information, the disclosure of which the trustees in good faith believe is not in the best interest of the statutory trust or could damage the statutory trust or its business; or        (2)    The statutory trust is required by law or by agreement with a third party to keep confidential.    (e)    A statutory trust may maintain its records in other than a written form if such form is capable of conversion into a written form within a reasonable time.
MD. Corporations and Associations Code Ann. §  12-306 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 12 - Statutory Trusts|Subtitle 3 - Beneficial Owners|Section 12-306 - Meetings; Actions; Consent; Affirmative Vote

    (a)    Except as provided in the governing instrument of a statutory trust:        (1)    Meetings of beneficial owners may be held at any place or by conference telephone or in any other manner by which all persons participating in the meeting may hear each other; and        (2)    Participation in a meeting in accordance with item (1) of this subsection shall constitute presence in person at the meeting.    (b)    Except as provided in the governing instrument of a statutory trust, on any matter that is to be voted on by the beneficial owners:        (1)    The beneficial owners may take action on the matter without a meeting, without prior notice, and without a vote if a consent or consents in writing, setting forth the action taken, is signed by the beneficial owners having not less than the minimum number of votes that would be necessary to authorize or take the action at a meeting at which all interests in the statutory trust entitled to vote on the matter were present and voted; and        (2)    A beneficial owner may vote:            (i)    In person; or            (ii)    By proxy granted in writing, by means of telephonic or electronic transmission, or as otherwise permitted by applicable law.    (c)    Except as provided in the governing instrument of a statutory trust, a consent transmitted by electronic transmission by a beneficial owner or by a person authorized to act for a beneficial owner shall be deemed to be written and signed for purposes of this section.    (d)    Except as provided in this title or the governing instrument of a statutory trust, any act requiring the approval of the beneficial owners shall be approved by the affirmative vote of a majority of all the votes entitled to be cast on the matter.
MD. Corporations and Associations Code Ann. §  12-401 (2021)
2021 Maryland Statutes|Corporations and Associations|Title 12 - Statutory Trusts|Subtitle 4 - Trustees; Powers; Liabilities|Section 12-401 - Trustee Management; Limitation on Duties and Liabilities of Others

    (a)    Except as provided in its governing instrument, the business and affairs of a statutory trust shall be managed under the direction of its trustees.    (b)    Except as provided in the governing instrument of a statutory trust, neither the power to give direction to a trustee or other person nor the exercise by any person, including a beneficial owner, of a direction shall cause that person to have duties, including fiduciary duties, or liabilities relating to the statutory trust or to a beneficial owner.