2950

LAWS OF MARYLAND

Ch. 792

(K) FOR PURPOSES OF THIS SECTION, "UNIMPAIRED SURPLUS"
OF A COMMERCIAL BANK INCLUDES SURPLUS, RETAINED EARNINGS,
AND 50 PERCENT OF THE RESERVE FOR POSSIBLE LOAN LOSSES.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1981.

Approved May 19, 1981.

CHAPTER 793

(House Bill 1654)

AN ACT concerning

Estates and Trusts - Commissions

FOR the purpose of providing for increased rates of income
and corpus commissions by trustees whose activities are
subject to State or federal supervision or who are
members of the Maryland Bar; and providing a notice and
filing procedure for these trustees; and relating
generally to income and corpus commissions by trustees.

BY repealing and reenacting, with amendments,

Article - Estates and Trusts

Section 14-103

Annotated Code of Maryland

(1974 Volume and 1980 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article - Estates and Trusts

14-103.

(a) (1) 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.