§ 12-1006. Completion of conversion.

   (a) Other entity to statutory trust. -- The conversion of an other entity to a statutory trust shall be completed on the later of:

   (1) The formation of the statutory trust in accordance with this title; or

   (2) The effectiveness of articles of conversion filed for record with the Department.

(b) Statutory trust to other entity. -- The conversion of a statutory trust to an other entity shall be completed on the effectiveness of articles of conversion filed for record with the Department.

(c) Effective date of articles of conversion. -- Articles of conversion are effective on the later of:

   (1) The time the Department accepts the articles of conversion for record; or

   (2) The future effective time of the articles of conversion as set forth in articles of conversion that have been accepted by the Department for record.

(d) Effects of completion of conversion. --

   (1) (i) Except as provided in subparagraph (ii) of this paragraph, at the time the conversion of an other entity to a statutory trust is completed:

         1. The other entity shall be converted to a statutory trust;

         2. The conversion shall have the effects set forth in § 12-1004 of this subtitle; and

         3. The statutory trust shall be subject to all of the provisions of the Maryland Statutory Trust Act.

      (ii) Notwithstanding § 12-204 of this title, the existence of the statutory trust shall be deemed to have commenced on the date the other entity commenced existence in the place in which the other entity was first incorporated, created, formed, or otherwise came into being.

   (2) At the time the conversion of a statutory trust to an other entity is completed, the conversion shall have the effects set forth in § 12-1004 of this subtitle.

HISTORY: 2013, ch. 43, § 5; ch. 527, § 2; ch. 528, § 2.