1442

LAWS OF MARYLAND

Ch. 348

be repealed, amended, or enacted to read as follows:

Article 81 - Revenue and Taxes
169.

(A)    In all cases where estates or any interest
therein pass, and there is no formal administration subject
to the jurisdiction of any court, it shall be the duty of
every trustee or other person making distribution of any
property passing subject to the inheritance tax imposed by

this subtitle, to file in the orphans' court WITH THE

REGISTER OF WILLS of the county or city where the decedent
had his or her residence at the time of his or her death, or
in case of real estate, in the orphans' court WITH THE
REGISTER OF WILLS of the county or city in which the real
estate is situated, within ninety (90) days after the death
of such person, a full and complete inventory of the
property passing subject to the inheritance tax imposed by
this subtitle and which said trustee or other person making
distribution thereof is about to distribute; and in all such
cases where any property passes subject to the taxes imposed
by this subtitle, and there is no trustee or other person to
make distribution thereof, it shall be the duty of the
person receiving such estate or any interest therein, to
file the inventory within the time and in the manner
hereinabove provided.

(B)    EACH ITEM LISTED IN THE INVENTORY SHALL BE VALUED
FOR THE PURPOSE OF DETERMINING THE AMOUNT OF TAX DUE AND
PAYABLE HEREUNDER. IN DETERMINING THE VALUE OF THE
INVENTORY, THE FOLLOWING MEANS OF APPRAISAL MAY BE SELECTED
BY THE TRUSTEE OR OTHER PERSON UNDER DUTY TO FILE THE
INVENTORY:

(1)    HE MAY APPRAISE CORPORATE STOCKS LISTED ON
ANY NATIONAL OR REGIONAL EXCHANGE, DEBTS OWED TO THE ESTATE,
INCLUDING BONDS AND NOTES, BANK ACCOUNTS, BUILDING, SAVINGS
AND LOAN ASSOCIATION SHARES AND MONEY.

(2)    HE SHALL SECURE AN INDEPENDENT APPRAISAL OF
ALL OTHER ITEMS BY SELECTING EITHER OF THE FOLLOWING
METHODS:

(I)    HE MAY EMPLOY A QUALIFIED AND
DISINTERESTED APPRAISER TO ASSIST HIM IN OBTAINING THE FAIR
MARKET VALUE OF ANY ASSET THE VALUE OF WHICH MAY BE FAIRLY
DEBATABLE. DIFFERENT PERSONS MAY BE EMPLOYED TO APPRAISE
DIFFERENT KINDS OF ASSETS INCLUDED IN THE INVENTORY. THE
NAMES AND ADDRESSES OF ANY APPRAISER SHALL BE INDICATED ON
THE INVENTORY WITH THE ITEM OR ITEMS HE APPRAISED; OR

(II)   HE MAY REQUEST     THAT THE ORPHANS'

COURT REGISTER OF WILLS APPOINT ONE OR MORE QUALIFIED

DISINTERESTED PERSONS TO APPRAISE ALL OR A PORTION OF THE
ASSETS REQUIRED TO BE APPRAISED.

(C)    Upon the filing of the inventory as required by