PARRIS N. GLENDENING, Governor

H.B. 993

THE LIVES OF THE GRANTOR AND THE GRANTOR'S SPOUSE OR CHILDREN,
CHILDREN, OR GRANDCHILDREN, INCLUDE A DUTY OF LOYALTY AND FAIR
DEALING, BUT DO NOT INCLUDE A DUTY TO:

(1) DETERMINE WHETHER ANY CONTRACT OF INSURANCE LIFE
INSURANCE IN THE TRUST IS OR REMAINS A PROPER INVESTMENT;

(2)      DIVERSIFY THE INVESTMENT; OR

(3)      EXERCISE ANY POLICY OPTIONS, RIGHTS, OR PRIVILEGES
AVAILABLE UNDER ANY CONTRACT OF INSURANCE LIFE INSURANCE IN THE TRUST,
INCLUDING ANY RIGHT TO BORROW THE CASH VALUE OR RESERVE OF THE POLICY,
ACQUIRE A PAID-UP POLICY, OR CONVERT TO A DIFFERENT POLICY.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall apply to all
trusts existing on or after the effective date of this Act.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1997.

May 22, 1997

The Honorable Casper R. Taylor, Jr.
Speaker of the House
State House
Annapolis MD 21401

Dear Mr. Speaker:

In accordance with Article II, Section 17 of the Maryland Constitution, I have today
vetoed House Bill 993.

This bill establishes a simplified procedure for the administration of an estate. The bill
authorizes the personal representative of an estate to file for modified administration
provided that certain conditions exist, such as the estate must be solvent and the heirs are
limited to the decedent's personal representative, surviving spouse, and children.

Senate Bill 510, which was passed by the General Assembly and signed by me on this
date, accomplishes the same purpose. Therefore, it is not necessary for me to sign House
Bill 993.

Sincerely,

Parris N. Glendening

Governor

House Bill No. 993

AN ACT concerning                                                                    .

Estates - Personal Representatives - Election for Modified Administration .

FOR the purpose of authorizing a personal representative of an estate to file for an

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