PARRIS N. GLENDENING, Governor                                 Ch. 426

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

Article - Estates and Trusts

14-107.

(a)     (1) In this section the following words have the meanings indicated.

(2)     (i) "Beneficiary" means an ascertainable person who has a present or
future interest in a trust estate.

(ii) "Beneficiary" includes:

1.       If the beneficiary is a minor, the beneficiary's natural or legal
guardian; or

2.       If the beneficiary is a disabled person, as defined in § 13-101
of this article, any person acting on behalf of the beneficiary under a guardianship,
conservatorship, or committee.

(3)     ["Corporate fiduciary" has the meaning stated in § 15-1A-01 of this
article.

(4)] "Life expectancy" means the life expectancy published in the life tables
issued by the U.S. Department of Health and Human Services from time to time.

[(5)](4) "Net annual income" means the gross income of a trust estate
during a fiscal year minus trust commissions and expenses attributable to income for that
fiscal year.

(5) "TRUSTEE" INCLUDES A CORPORATE FIDUCIARY, AS DEFINED IN §
15-1A-01 OF THIS ARTICLE, ACTING AS A TRUSTEE.

(b)     Subject to the provisions of this section, [a corporate fiduciary acting as] a
trustee may terminate a trust without an order of court if the fair market value of the trust
as of the trust's last anniversary date is $50,000 or less.

(c)     (1) A [corporate fiduciary] trustee proposing to terminate a trust under
this section shall send notice of the proposed termination to each cotrustee and each
beneficiary of the trust at the cotrustee's or beneficiary's last known address. The notice
shall be:

(i) Personally delivered; or

(ii) Mailed by registered or certified mail, postage prepaid, return
receipt requested.

(2) The notice required under paragraph (1) of this subsection shall contain:

(i) The name of the trust;

(ii) The name of the person who created the trust;

(iii) The date on which the trust was established;

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