Ch. 426

1995 LAWS OF MARYLAND

(iv) The name and address of the [corporate fiduciary] trustee seeking
to terminate the trust;

(v) The name of any cotrustee;

(vi) A statement that the effective date of the termination shall be at
least 90 days after the date on which notice under paragraph (1) of this subsection has
been received by each cotrustee and each beneficiary;

(vii) A statement of the reasons for termination of the trust;

(viii) The approximate amount and the manner of calculation of each
distribution of the trust estate; and

(ix) A statement of the right to object and the procedures to follow
under subsection (d) of this section.

(d)     (1) A person entitled to notice under subsection (c) of this section who
objects to the termination of a trust shall send written objection to the termination.

(2) The written objection shall be personally delivered or mailed by
registered or certified mail, postage prepaid, return receipt requested, within 60 days
after the date on which notice that is sent under subsection (c)(1) of this section is
received by the objecting party, to' the [corporate fiduciary] trustee proposing to
terminate the trust at the address in the notice.

(e)     (1) If no beneficiary or cotrustee delivers a timely objection in accordance
with the provisions of subsection (d) of this section, the trust shall be terminated and the
trust estate shall be distributed in accordance with the provisions of subsection (f) of this
section.

(2) If a beneficiary or cotrustee delivers a timely written objection in
accordance with the provisions of subsection (d) of this section, the trust shall not be
terminated unless the objection is withdrawn in writing by the objecting party within 90
days after receipt of the notice by the objecting party.

(f)      (1) A trust estate that is terminated under this section shall be distributed in
any. manner unanimously agreed upon by all beneficiaries.

(2) (i) If the beneficiaries do not unanimously agree to a manner of
distribution, the distribution shall be made in accordance with the provisions of this
paragraph.

(ii) A beneficiary who has a present interest in the trust estate shall
receive an amount equal to the present value of an annuity equal to the beneficiary's
proportionate share of the average net annual income of the trust as of its last 3
anniversary dates for a term equal to the life expectancy of the beneficiary, at the interest
rate for valuing vested benefits provided by the Pension Benefit Guarantee Corporation
for the month immediately preceding the date of which the notice under subsection (c)(1)
of this section is sent.

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