VETOES

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.

(2) A schedule of increased rates of income
commissions and corpus commissions on accounts having a value of
$250,000 or more may be charged by a trustee whose activities are
subject to State or federal supervision or who is a member of the
Maryland Bar and who has:

(i) Filed a schedule of the increased rates of
commissions with an appropriate agency;

(ii) Given notice of the scheduled rates or
revisions to the ascertained beneficiaries of the affected trust;
and

(iii) [Has received] RECEIVED acknowledgement
of the receipt of the notice by the ascertained beneficiaries.

(b)  Accounting from July 1, 1981, 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 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 income payable
to a trustee but withheld by the payor in compliance with any
revenue law.

(c)  Accounting from July 1, 1981, whether or not the trust
was in existence at that time, commissions are payable at the end
of each year upon the fair value of the corpus or principal held
in trust at the end of each year as follows:

(1)  Four tenths of one percent on the first $250,000,

(2)  One fourth of one percent on the next $250,000,

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