HARRY HUGHES, Governor

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(II) ALL OTHER TRUSTEES, INCLUDING
ATTORNEYS AND STATE CHARTERED AND NATIONAL BANKS SHALL FILE
WITH THE STATE BANK COMMISSIONER.

(3) IN A TRUST INVOLVING MULTIPLE TRUSTEES AND
MORE THAN ONE OF THE TRUSTEES MAY BE ENTITLED TO FILE A
SCHEDULE OF INCREASED RATES, THE CONTROLLING SCHEDULE WILL
BE THE SCHEDULE FILED BY THE TRUSTEE HAVING CUSTODY OF THE
ASSETS AND MAINTAINING RECORDS OF THE TRUST.

(4)[(3)] IF A TRUSTEE FILES A SCHEDULE OF
INCREASED RATES AS PROVIDED IN THIS SUBSECTION, THE TRUSTEE
SHALL GIVE NOTICE TO THE ASCERTAINED BENEFICIARIES OF EACH
AFFECTED TRUST BY THE BEGINNING OF THE FISCAL YEAR TO WHICH
THE SCHEDULE APPLIES. ANY BENEFICIARY OF A TRUST WHO
OBJECTS TO THE SCHEDULE OF RATES TO BE CHARGED TO THAT
TRUST, AFTER NOTIFYING THE TRUSTEE OF THE OBJECTION, MAY
PETITION THE APPROPRIATE EQUITY COURT TO REVIEW THE
REASONABLENESS OF THE RATES TO BE CHARGED. THE NOTICE
REQUIRED BY THIS PARAGRAPH SHALL INCLUDE A CLEAR STATEMENT
OF THE RIGHTS AND PROCEDURES AVAILABLE TO BENEFICIARIES
UNDER THIS SUBSECTION. IF THE COURT FINDS THAT THE RATES IN
THE SCHEDULE ARE UNREASONABLE FOR THE CURRENT FISCAL YEAR OF
THE PARTICULAR TRUST, THE TRUSTEE'S COMMISSIONS FOR THAT
TRUST FOR THAT FISCAL YEAR SHALL BE LIMITED TO THE RATES SET
FORTH IN SUBSECTIONS (B) AND (C) OF THIS SECTION CHARGED
THAT TRUST DURING THE PREVIOUS FISCAL YEAR.

(5)[(4)] IF A TRUSTEE DOES NOT FILE A SCHEDULE
OF RATES WITH THE APPROPRIATE AGENCY AND NOTIFY ASCERTAINED
BENEFICIARIES AS PREVIOUSLY PROVIDED IN THIS SUBSECTION, THE
TRUSTEE IS LIMITED TO CHARGING THE RATES SET FORTH IN
SUBSECTIONS (B) AND (C) OF THIS SECTION.

(H) AN INDIVIDUAL TRUSTEE WHO IS NOT AUTHORIZED TO
FILE A SCHEDULE OF INCREASED RATES UNDER THIS SECTION IS
LIMITED TO CHARGING THE RATES SET FORTH IN SUBSECTIONS (B)
AND (C) OF THIS SECTION UNLESS THE TRUSTEE PETITIONS A COURT
OF EQUITY IN THE JURISDICTION IN WHICH THE TRUSTEE IS
LOCATED AND OBTAINS APPROVAL OF AN INCREASE IN FEE AFTER
GIVING NOTICE OF SUCH ACTION TO THE ASCERTAINED
BENEFICIARIES OF THE TRUSTS AFFECTED.

(I) THE SCHEDULE OF INCREASED RATES OF INCOME

COMMISSIONS AND CORPUS COMMISSIONS WHICH TRUSTEES ARE

AUTHORIZED TO CHARGE AS PROVIDED ABOVE IS NOT APPLICABLE TO
GUARDIANS.

(J) THE LEGAL AND COURT COSTS INCURRED BY THE TRUSTEE
PURSUANT TO ANY COURT REVIEW UNDER SUBSECTION (G)(4) OR (H)
OF THIS SECTION SHALL BE CHARGED AGAINST TRUSTEES' FEES AND
MAY NOT BE ASSUMED BY THE TRUST OR THE BENEFICIARIES.

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