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Session Laws, 1974
Volume 713, Page 207   View pdf image
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MARVIN MANDEL, Governor                                   207

DISTRIBUTION OF INCOME FROM PROPERTY HELD UNDER A TRUST
AGREEMENT OR THE PRESERVATION AND DISTRIBUTION OF THE
PROPERTY ARE ENTITLED TO COMMISSIONS PROVIDED FOR IN THIS
SECTION FOR THEIR SERVICES IN ADMINISTERING THE TRUSTS,
THE AMOUNT AND SOURCE OF [[PAYMWNT]] PAYMENT OF
COMMISSIONS ARE SUBJECT TO THE PROVISIONS OF ANY VALID
AGREEMENT. ANY COURT HAVING JURISDICTION OVER THE
ADMINISTRATION OF THE TRUST MAY INCREASE OR DIMINISH
COMMISSIONS FOR SUFFICIENT CAUSE OR MAY ALLOW SPECIAL
COMMISSIONS OR COMPENSATION FOR SERVICES OF AN UNUSUAL
NATURE.

(B) INCOME COMMISSIONS.

ACCOUNTING FROM JULY 1, 1972, WHETHER OR NOT THE
TRUST HAS IN EXISTENCE AT THAT TIME, INCOME COMMISSIONS
ARE

(1)   6 PERCENT UPON ALL INCOME FROM REAL
ESTATE, GROUND RENTS, AND MORTGAGES COLLECTED IN EACH
YEAR.

(2)   6 PERCENT UPON THE FIRST $10,000 OF ALL
OTHER INCOME COLLECTED IN EACH YEAR, 5 PERCENT UPON THE
NEXT $10,000, 4 PERCENT UPON THE NEXT $10,000, AND 3
PERCENT UPON ANY REMAINDER.

INCOME COMMISSIONS SHALL BE PAID FROM AND CHARGEABLE
AGAINST INCOME. INCOME COLLECTED INCLUDES ANY PORTION OF
INCOME PAYABLE TO A TRUSTEE BUT WITHHELD BY THE PAYOR IN
COMPLIANCE WITH ANY REVENUE LAW.

(C) CORPUS COMMISSIONS.

ACCOUNTING FROM JULY 1, 1972, WHETHER OR NOT THE
TRUST WAS IN EXISTENCE AT THAT TIME, COMMISSIONS ARE
PAYABLE AT THE END OF [[THE YEAR]] EACH YEAR UPON THE
FAIR VALUE OF THE CORPUS OR PRINCIPAL HELD IN TRUST AT
THE END OF EACH YEAR AS FOLLOWS:

(1)   ONE THIRD OF ONE PERCENT ON THE FIRST
$250,000,

(2)    ONE-FIFTH OF ONE PERCENT ON__THE NEXT

$250,000,

[[ (2) ]] (3) ONE EIGHTH OF ONE PERCENT ON THE
NEXT $500,000, AND

[[(3)]] (4) ONE TWELFTH OF ONE PERCENT UPON
ANY EXCESS. CORPUS COMMISSIONS SHALL BE PAID OUT OF AND
CHARGEABLE AGAINST THE CORPUS.

IF A TRUST TERMINATES, WITH RESPECT TO ALL OR ANY

 

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Session Laws, 1974
Volume 713, Page 207   View pdf image
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