WILLIAM DONALD SCHAEFER, Governor
(3) Three twentieths of one percent on the next
$500,000, and
(4) One tenth of one percent upon any excess. Corpus
commissions shall be paid out of and chargeable against the
corpus.
If a trust terminates, with respect to all or any part of
the corpus held in trust in the course of any year, the
commission for that year shall be reduced or prorated according
to the part of the year elapsed and the amount of corpus as to
which the trust terminates, and be chargeable, for such part of a
year (and with respect to any such part of the corpus) at such
termination of the trust, upon the then value of the corpus.
(d) For selling real or leasehold property, a commission
upon the proceeds of the sale is payable at the rate allowed by
rule of court or statute to trustees appointed to make sales
under decrees or orders of [a] THE CIRCUIT court [of equity in]
FOR the county where the real or leasehold property is situated,
or if the property is located outside Maryland, for selling
similar property in the county where the trust is being
administered. The commission is payable from the proceeds of the
sale when collected.
(e) Upon the final distribution of any trust estate, or
portion of it, an allowance is payable commensurate with the
labor and responsibility involved in making the distribution,
including the making of any division, the ascertainment of the
parties entitled, the ascertainment and payment of taxes, and any
necessary transfer of assets. The allowance is subject to
revision or determination by any CIRCUIT court [of equity]
having jurisdiction. In the absence of special circumstances the
allowance shall be equal to one half of one percent upon the fair
value of the corpus distributed.
(f) In determining what is a single trust for the
application of the rates provided in this section, all property
held undivided under the terms of the will or other instrument
creating the trust shall be considered as a single trust. After
any shares have been set apart or divided, to be held in separate
trust, each separate trust set apart shall be considered as a
single trust.
(g) (1) Instead of the rates of income commissions and
corpus commissions provided in subsections (b) and (c) of this
section, on accounts having a value of $250,000 or more, a
trustee may charge reasonable compensation calculated in
accordance with a schedule of rates previously filed by the
trustee with the appropriate agency as specified in paragraph (2)
of this subsection, if the trustee is:
- 3677 -
|