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2023 Maryland Statutes
Estates and Trusts
Title 4 - Wills
Subtitle 4 - Rules Relating to Legacies
Section 4-405 - Change in Securities
Universal Citation: MD. Estates and Trusts Code § 4-405 (2023)
Unless a contrary intent is expressly indicated in the will, a specific legacy includes additional or substituted securities if:
(1) Securities are the subject of a specific legacy;
(2) After the execution of the will other securities of the same or another entity are distributed to the testator because of the testator’s ownership of the original securities, whether as a result of a partial liquidation, stock dividend, stock split, merger, consolidation, reorganization, recapitalization, redemption, exchange, or other transaction; and
(3) The securities are part of the estate of the testator at the time of the testator’s death.
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