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PARRIS N. GLENDENING, Governor
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Ch. 292
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AFTER THE DATE OF DEATH OR TERMINATING EVENT OR EARLIER DISTRIBUTION
DATE FROM THE DISPOSITION OF A PRINCIPAL ASSET IF THIS SECTION APPLIES TO
THE INCOME FROM THE ASSET.
PART III. APPORTIONMENT AT BEGINNING AND END OF INCOME INTEREST.
15-505. WHEN RIGHT TO INCOME BEGINS AND ENDS.
(A) AN INCOME BENEFICIARY IS ENTITLED TO NET INCOME FROM THE DATE
ON WHICH THE INCOME INTEREST BEGINS. AN INCOME INTEREST BEGINS ON THE
DATE SPECIFIED IN THE TERMS OF THE TRUST OR, IF NO DATE IS SPECIFIED, ON THE
DATE AN ASSET BECOMES SUBJECT TO A TRUST OR SUCCESSIVE INCOME INTEREST.
(B) AN ASSET BECOMES SUBJECT TO A TRUST:
(1) ON THE DATE IT IS TRANSFERRED TO THE TRUST IN THE CASE OF AN
ASSET THAT IS TRANSFERRED TO A TRUST DURING THE TRANSFEROR'S LIFE;
(2) ON THE DATE OF A TESTATOR'S DEATH IN THE CASE OF AN ASSET
THAT BECOMES SUBJECT TO A TRUST BY REASON OF A WILL, EVEN IF THERE IS AN
INTERVENING PERIOD OF ADMINISTRATION OF THE TESTATOR'S ESTATE; OR
(3) ON THE DATE OF AN INDIVIDUAL'S DEATH IN THE CASE OF AN ASSET
THAT IS TRANSFERRED TO A FIDUCIARY BY A THIRD PARTY BECAUSE OF THE
INDIVIDUAL'S DEATH.
(C) AN ASSET BECOMES SUBJECT TO A SUCCESSIVE INCOME INTEREST ON
THE DAY AFTER THE PRECEDING INCOME INTEREST ENDS, AS DETERMINED UNDER
SUBSECTION (D) OF THIS SECTION, EVEN IF THERE IS AN INTERVENING PERIOD OF
ADMINISTRATION TO WIND UP THE PRECEDING INCOME INTEREST.
(D) AN INCOME INTEREST ENDS ON THE DAY BEFORE AN INCOME
BENEFICIARY DIES OR ANOTHER TERMINATING EVENT OCCURS, OR ON THE LAST
DAY OF A PERIOD DURING WHICH THERE IS NO BENEFICIARY TO WHOM A TRUSTEE
MAY DISTRIBUTE INCOME.
15-506. APPORTIONMENT OF RECEIPTS AND DISBURSEMENTS WHEN DECEDENT DIES
OR INCOME INTEREST BEGINS.
(A) A TRUSTEE SHALL ALLOCATE AN INCOME RECEIPT OR DISBURSEMENT
OTHER THAN ONE TO WHICH § 15-503(1) OF THIS SUBTITLE APPLIES TO PRINCIPAL IF
ITS DUE DATE OCCURS BEFORE A DECEDENT DIES IN THE CASE OF AN ESTATE OR
BEFORE AN INCOME INTEREST BEGINS IN THE CASE OF A TRUST OR SUCCESSIVE
INCOME INTEREST.
(B) A TRUSTEE SHALL ALLOCATE AN INCOME RECEIPT OR DISBURSEMENT TO
INCOME IF ITS DUE DATE OCCURS ON OR AFTER THE DATE ON WHICH A DECEDENT
DIES OR AN INCOME INTEREST BEGINS AND IT IS A PERIODIC DUE DATE. AN INCOME
RECEIPT OR DISBURSEMENT SHALL BE TREATED AS ACCRUING FROM DAY TO DAY IF
ITS DUE DATE IS NOT PERIODIC OR IT HAS NO DUE DATE. THE PORTION OF THE
RECEIPT OR DISBURSEMENT ACCRUING BEFORE THE DATE ON WHICH A DECEDENT
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- 1707 -
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