WILLIAM DONALD SCHAEFER, Governor                   Ch. 416

Article - Estates and Trusts

Section 14-103

Annotated Code of Maryland

(1974 Volume and 1987 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland 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.

(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; AND

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

(iii) Received acknowledgement of the receipt
of the notice by the ascertained beneficiaries].

(3)  THE NOTICE REQUIRED UNDER PARAGRAPH (2) OF THIS
SUBSECTION SHALL BE DELIVERED TO THE BENEFICIARIES PERSONALLY OR
SENT TO THE BENEFICIARIES AT THEIR LAST KNOWN ADDRESS BY
REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, RETURN RECEIPT
REQUESTED.

(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.

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