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PARRIS N. GLENDENING, Governor
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Ch. 292
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(G) "INCOME INTEREST" MEANS THE RIGHT OF AN INCOME BENEFICIARY TO
RECEIVE ALL OR PART OF NET INCOME, WHETHER THE TERMS OF THE TRUST
REQUIRE IT TO BE DISTRIBUTED OR AUTHORIZE IT TO BE DISTRIBUTED IN THE
TRUSTEE'S DISCRETION.
(H) "MANDATORY INCOME INTEREST' MEANS THE RIGHT OF AN INCOME
BENEFICIARY TO RECEIVE NET INCOME THAT THE TERMS OF THE TRUST REQUIRE
THE FIDUCIARY TO DISTRIBUTE.
(I) "NET INCOME" MEANS THE TOTAL RECEIPTS ALLOCATED TO INCOME
DURING AN ACCOUNTING PERIOD MINUS THE DISBURSEMENTS MADE FROM
INCOME DURING THE PERIOD, PLUS OR MINUS TRANSFERS UNDER THIS SUBTITLE
TO OR FROM INCOME DURING THE PERIOD.
(J) "PERSON" MEANS AN INDIVIDUAL, CORPORATION, BUSINESS TRUST,
ESTATE, TRUST, PARTNERSHIP, LIMITED LIABILITY COMPANY, ASSOCIATION, JOINT
VENTURE, GOVERNMENT; GOVERNMENTAL SUBDIVISION, AGENCY, OR
INSTRUMENTALITY; PUBLIC CORPORATION, OR ANY OTHER LEGAL OR COMMERCIAL
ENTITY.
(K) "PRINCIPAL" MEANS PROPERTY HELD IN TRUST FOR DISTRIBUTION TO A
REMAINDER BENEFICIARY WHEN THE TRUST TERMINATES.
(L) "REMAINDER BENEFICIARY' MEANS A PERSON ENTITLED TO RECEIVE
PRINCIPAL WHEN AN INCOME INTEREST ENDS.
(M) "TERMS OF A TRUST" MEANS THE MANIFESTATION OF THE INTENT OF A
SETTLOR OR DECEDENT WITH RESPECT TO THE TRUST, EXPRESSED IN A MANNER
THAT ADMITS OF ITS PROOF IN A JUDICIAL PROCEEDING, WHETHER BY WRITTEN OR
SPOKEN WORDS OR BY CONDUCT.
(N) "TRUSTEE" INCLUDES AN ORIGINAL, ADDITIONAL, OR SUCCESSOR
TRUSTEE, WHETHER OR NOT APPOINTED OR CONFIRMED BY A COURT.
15-502. FIDUCIARY DUTIES; GENERAL PRINCIPLES.
(A) IN ALLOCATING RECEIPTS AND DISBURSEMENTS TO OR BETWEEN
PRINCIPAL AND INCOME, AND WITH RESPECT TO ANY MATTER WITHIN THE SCOPE
OF PARTS II AND III OF THIS SUBTITLE, A FIDUCIARY:
(1) SHALL ADMINISTER A TRUST OR ESTATE IN ACCORDANCE WITH THE
TERMS OF THE TRUST OR THE WILL, EVEN IF THERE IS A DIFFERENT PROVISION IN
THIS SUBTITLE;
(2) MAY ADMINISTER A TRUST OR ESTATE BY THE EXERCISE OF A
DISCRETIONARY POWER OF ADMINISTRATION GIVEN TO THE FIDUCIARY BY THE
TERMS OF THE TRUST OR THE WILL, EVEN IF THE EXERCISE OF THE POWER
PRODUCES A RESULT DIFFERENT FROM A RESULT REQUIRED OR PERMITTED BY
THIS SUBTITLE;
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- 1703 -
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