1162 LAWS OF MARYLAND. [CH. 580

and determine by death or in any other manner at a time
other than the date when such periodic payments should be
paid, he or his personal representative shall be entitled to that
portion of any such income next payable which amounts to
the same percentage thereof as the time elapsed from the last
due date of such periodic payments to and including the day
of the determination of his right is of the total period during
which such income would normally accrue. The remaining
income shall be paid to the person next entitled to income by
the terms of the transaction by which the principal was
established. But no action shall be brought by the trustee or
tenant to recover such apportioned income or any portion
thereof until after the day on which it would have become
due to the tenant but for the determination of the right of the
tenant entitled thereto. The provisions of this section shall
apply whether an ultimate remainderman is specifically named
or not.

(2) Likewise when the right of the first tenant accrues
at a time other than the payment dates of such periodic pay-
ments, he shall only receive that portion of such income which
amounts to the same percentage thereof as the time during
which he has been so entitled is of the total period during
which such income would normally accrue; the balance shall
be a part of the principal.

(3) But when periodic payments of income are payable in
advance with respect to the period for which they are payable,
then the apportionment hereinbefore directed shall be as if
the periodic payment in question had been payable at the end
of such period.

5. (Corporate Dividends and Share Rights. )

(1) All dividends on shares of a corporation forming a part
of the principal which are payable in the shares of the corpo-
ration shall be deemed principal. Subject to the provisions
of this section, all dividends payable otherwise than in the
shares of the corporation itself, including ordinary and extra-
ordinary dividends and dividends payable in shares or other
securities or obligations of corporations other than the declar-
ing corporation, shall be deemed income. Where the trus-
tee shall have the option of receiving a dividend either in cash
or in the shares of the declaring corporation, it shall be con-
sidered as a cash dividend and deemed income, irrespective of
the choice made by the trustee.

(2) All rights to subscribe to the shares or other securities
or obligations of a corporation accruing on account of the
ownership of shares or other securities in such corporation,

and the proceeds of any sale of such rights, shall be deemed