MARVIN MANDEL, Governor                               151

Art. 93, §11-104. The only changes are in
style and language.

11-105. DEATH BENEFITS PAYABLE TO TRUSTS.
(A) DEFINITION.

AS USED IN THIS SECTION, THE WORDS "DEATH BENEFITS"
MEAN DEATH BENEFITS OF ANY KIND, INCLUDING, BUT NOT
LIMITED TO, PROCEEDS Of LIFE INSURANCE POLICIES AND
PAYMENTS UNDER [[A TRUST OF THE EMPLOYEES]] AN EMPLOYEES'
TRUST OR CONTRACT PURCHASED BY A TRUST[[,]] FORMING PART
OF A PENSION, STOCK BONUS, OR PROFIT-SHARING PLAN, OR
UNDER A RETIREMENT ANNUITY CONTRACT.

(B) PAYMENTS TO TRUSTEE UNDER EXISTING INTER VIVOS
TRUST.

DEATH BENEFITS MAY BE MADE PAYABLE TO THE TRUSTEE
UNDER A TRUST AGREEMENT, OR DECLARATION OF TRUST IN
EXISTENCE AT THE TIME OF THE DEATH OF THE INSURED,
EMPLOYEE, OR ANNUITANT. THE DEATH BENEFITS SHALL BE HELD
AND DISPOSED OF BY THE TRUSTEE IN ACCORDANCE WITH THE
TERMS OF THE TRUST AS THEY APPEAR IN WRITING ON THE DATE
OF THE DEATH OF THE INSURED, EMPLOYEE, OR ANNUITANT. IT
IS NOT NECESSARY TO THE VALIDITY OF A TRUST AGREEMENT OR
DECLARATION OF TRUST, WHETHER REVOCABLE OR IRREVOCABLE,
THAT IT HAVE A TRUST CORPUS OTHER THAN THE RIGHT OF THE
TRUSTEE TO RECEIVE DEATH BENEFITS.

(C) PAYMENTS TO TRUSTEE UNDER TESTAMENTARY TRUST.

DEATH BENEFITS MAY BE MADE PAYABLE TO THE TRUSTEE
NAMED, OR TO BE NAMED, IN A WILL OF THE INSURED OR THE
OWNER OF THE POLICY, OR THE EMPLOYEE COVERED BY THE PLAN
OR CONTRACT WHETHER OR NOT THE WILL IS IN EXISTENCE AT
THE TIME OF THE DESIGNATION. UPON THE ADMISSION OF THE
WILL TO PROBATE, AND THE PAYMENT OF THE BENEFITS TO THE
TRUSTEE, THE BENEFITS SHALL BE HELD, ADMINISTERED, AND
DISPOSED OF IN ACCORDANCE WITH THE TERMS OF THE
TESTAMENTARY TRUST CREATED BY THE WILL.

(D) PAYMENTS WHERE NO TRUSTEE MAKES CLAIM.

IN THE EVENT NO TRUSTEE MAKES CLAIM FOR THE DEATH
BENEFITS WITHIN A PERIOD OF ONE YEAR AFTER THE DATE OF
DEATH OF THE INSURED, EMPLOYEE, OR ANNUITANT, OR IF
SATISFACTORY EVIDENCE IS FURNISHED TO THE INSURANCE
COMPANY OR OTHER OBLIGOR WITHIN [[A]] SUCH ONE-YEAR
PERIOD THAT THERE IS OR WILL BE NO TRUSTEE TO RECEIVE THE
PROCEEDS, PAYMENT SHALL BE MADE BY THE INSURANCE COMPANY
OR OTHER OBLIGOR TO THE PERSONAL REPRESENTATIVE OF THE
PERSON MAKING THE DESIGNATION, UNLESS OTHERWISE PROVIDED
BY AGREEMENT.