SMECO cannot issue the final capital credit refund pursuant to a trust because the SMECO account would have needed to be set up in the name of the trust in order for the capital credits to be an asset of the trust. Additionally, SMECO by-laws state that “Any individual or entity with the capacity to enter legally binding contracts may become a member in the Southern Maryland Electric Cooperative, Inc.”. Therefore, since a trust does not have the capacity to enter legally binding contracts, service cannot be placed in the name of a trust or trustee.
