1160 LAWS OF MARYLAND. [CH. 580
CHAPTER 580.
(House Bill 355)

AN ACT to add a new Article to the Code of Public General
Laws of Maryland, to be numbered Article 75B, title "Prin-
cipal and Income"; such new Article relating to the ascer-
tainment of principal and income and the apportionment or
allotment of receipts and expenses between owners of suc-
cessive estates or interests.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That a new Article to be known as Article 75B, title
"Principal and Income", be and the same is hereby added to
the Code of Public General Laws of Maryland, such new Arti-
cle to read as follows:

ARTICLE 75B.
PRINCIPAL AND INCOME.

1. (Definition of Terms. ) "Principal" as used in this act
means any realty or personalty which has been so set aside
or limited by the owner thereof or a person thereto legally
empowered that it and any substitutions for it are eventually
to be conveyed, delivered or paid to a person, while the return
therefrom or use thereof or any part of such return or use is
in the meantime to be taken or received by or held for accumu-
lation for the same or another person.

"Income" as used in this act means the return derived from
principal.

"Tenant" as used in this act means the person or persons
to whom income is presently or currently payable, or for whom
it is accumulated or who is or are entitled to the beneficial
use of the principal presently and for a time prior to its dis-
tribution.

"Remainderman" as used in this act means the person or
persons ultimately entitled to the principal, whether named
or designated by the terms of the transaction by which the
principal was established or determined by operation of law.

"Trustee" as used in this act includes the original trustee
or trustees of any trust to which the principal may be subject
and also any succeeding or added trustee or trustees.

2. (Application of Article subject to Powers of Settlor. )
Subject to the provisions of Section 10, this Article shall gov-
ern the ascertainment of income and principal, and the appor-
tionment of receipts and expenses between tenants and re-
maindermen, in all cases where a principal lias been estab-