WILLIAM DONALD SCHAEFER, Governor                        Ch. 6

13-301.

In this subtitle, unless the context otherwise requires:

(g) A "financial institution" is a bank, a federal savings
and. loan association, a savings institution chartered and
supervised as a savings and loan or similar institution under
federal law or the laws of a state or a federal credit union or a
credit union chartered and supervised under the laws of a state;
a "domestic financial institution" is one chartered and
supervised under the laws of this State or a bank chartered and
supervised under federal law and having its principal office in
this State; an "insured financial institution" is one[,] IN WHICH
deposits (including a savings, share, certificate, or deposit
account) [in which] are, in whole or in part, insured by the
Federal Deposit Insurance Corporation, the Federal Savings and
Loan Insurance Corporation, the State of Maryland Deposit
Insurance Fund Corporation or a similar institution organized
under the laws of another state.

DRAFTER'S NOTE:

Error: Nonsensical sentence structure in § 13-301(g)
of the Estates and Trusts Article.

Occurred: Ch. 11, Acts of 1974.

14-103.

(b)  Accounting from July 1, 1981, whether or not the trust
was in existence at that time, income commissions [are] ARE:

(1)  6 percent upon all income from real estate,
ground rents, and mortgages collected in each [year.] YEAR; AND

(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,] $250,000;

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

- 1023 -