WILLIAM DONALD SCHAEFER, Governor                   Ch. 416

(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:

(i) A financial institution whose activities
are subject to supervision by this State or the federal
government or which is an instrumentality of the United States;
or

(ii) A member of the bar of this State.

(2)  A trustee shall file a schedule of rates under
this subsection as follows:

(i) For savings and loan association, with the
State Director of the Division of Savings and Loan Associations;

(ii) For all other trustees, including
attorneys and State chartered and national banks, with the State
Bank Commissioner[.]; AND

(iii) For a trustee administering an estate
under the jurisdiction of a court, also with the trust clerk of
the court.

(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)  Whenever a trustee files a schedule of increased
rates under 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]. THE
NOTICE REQUIRED UNDER THIS PARAGRAPH 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. 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

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