MARVIN MANDEL, Governor

1885

CHAPTER 683

(House Bill 785)

AN ACT concerning

Trusts — Commissions of Trustees

FOR the purpose of increasing commissions of certain
trustees.

BY repealing and reenacting, with amendments,

Article — Estates and Trusts

Section 14-103

Annotated Code of Maryland

(1974 Volume and 1975 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 14-103 of Article - Estates and
Trusts, of the Annotated Code of Maryland (1974 Volume
and 1975 Supplement) be and it is hereby repealed and
reenacted, with amendments, to read as follows:

Article — Estates and Trusts

14-103.

(a)    A testamentary trustee and trustee of any
other trust whose duties comprise the collection and
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 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)    Accounting from July 1, [1972] 1976, whether
or not the trust was 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] 6 1/2 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