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Ch. 292
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2000 LAWS OF MARYLAND
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PAYER IDENTIFIES AS BEING FROM INTEREST OR OTHER CURRENT RETURN AND
SHALL ALLOCATE THE BALANCE OF THE PAYMENT TO PRINCIPAL.
(C) IF A TRUST RECEIVES ONE OR MORE PAYMENTS IN EXCHANGE FOR THE
TRUST'S ENTIRE INTEREST IN AN ASSET-BACKED SECURITY IN ONE ACCOUNTING
PERIOD, THE TRUSTEE SHALL ALLOCATE THE PAYMENTS TO PRINCIPAL. IF A
PAYMENT IS ONE OF A SERIES OF PAYMENTS THAT WILL RESULT IN THE
LIQUIDATION OF THE TRUST'S INTEREST IN THE SECURITY OVER MORE THAN ONE
ACCOUNTING PERIOD, THE TRUSTEE SHALL ALLOCATE 10 PERCENT OF THE
PAYMENT TO INCOME AND THE BALANCE TO PRINCIPAL.
PART V. ALLOCATION OF DISBURSEMENTS DURING ADMINISTRATION OF TRUST.
15-523. DISBURSEMENTS FROM INCOME.
A TRUSTEE SHALL MAKE THE FOLLOWING DISBURSEMENTS FROM INCOME TO
THE EXTENT THAT THEY ARE NOT DISBURSEMENTS TO WHICH § 15-503(2)(II) OR (III)
OF THIS SUBTITLE APPLY:
(1) REGULAR COMPENSATION OF THE TRUSTEE ON INCOME, IF
DETERMINED IN ACCORDANCE WITH § 14-103(B) OF THIS ARTICLE;
(2) THAT PORTION OF THE REGULAR COMPENSATION OF THE TRUSTEE,
IF THE COMPENSATION IS DETERMINED IN A MANNER OTHER THAN IN ACCORDANCE
WITH § 14-103(B) AND (C) OF THIS ARTICLE, AND THAT PORTION OF THE
COMPENSATION OF ANY PERSON PROVIDING INVESTMENT ADVISORY OR CUSTODIAL
SERVICES TO THE TRUSTEE, AS THE TRUSTEE DETERMINES IS FAIR AND
REASONABLE IN ACCORDANCE WITH § 15-502(B) OF THIS SUBTITLE;
(3) ONE-HALF OF ALL EXPENSES FOR ACCOUNTINGS, JUDICIAL
PROCEEDINGS, OR OTHER MATTERS THAT INVOLVE BOTH THE INCOME AND
REMAINDER INTERESTS;
(4) ALL OF THE OTHER ORDINARY EXPENSES INCURRED IN
CONNECTION WITH THE ADMINISTRATION, MANAGEMENT, OR PRESERVATION OF
TRUST PROPERTY AND THE DISTRIBUTION OF INCOME, INCLUDING INTEREST,
ORDINARY REPAIRS, REGULARLY RECURRING TAXES ASSESSED AGAINST PRINCIPAL,
AND EXPENSES OF A PROCEEDING OR OTHER MATTER THAT CONCERNS PRIMARILY
THE INCOME INTEREST; AND
(5) RECURRING PREMIUMS ON INSURANCE COVERING THE LOSS OF A
PRINCIPAL ASSET OR THE LOSS OF INCOME FROM OR USE OF THE ASSET.
15-524. DISBURSEMENTS FROM PRINCIPAL.
(A) A TRUSTEE SHALL MAKE THE FOLLOWING DISBURSEMENTS FROM
PRINCIPAL:
(1) REGULAR COMPENSATION OF THE TRUSTEE ON PRINCIPAL, IF
DETERMINED IN ACCORDANCE WITH § 14-103(C) OF THIS ARTICLE;
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- 1718 -
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