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H.B. 939
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VETOES
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be classified as principal or income, when the governing will or trust instrument is
silent.
Senate Bill 636, which was passed by the General Assembly and signed by me on May
11, 2000, accomplishes the same purpose. Therefore, it is not necessary for me to sign
House Bill 939.
Sincerely,
Parris N. Glendening
Governor
House Bill No. 939
AN ACT concerning
Uniform Principal and Income Act
FOR the purpose of enacting the 1997 revision of the Uniform Principal and Income
Act; establishing default rules for fiduciaries administering a trust or estate to
allocate receipts and disbursements to or between principal and income;
defining certain terms; providing for the application and construction of this Act;
providing for the severability of this Act; and generally relating to allocations
between principal and income of estates and trusts.
BY repealing
Article - Estates and Trusts
Section 7-304; and 14-201 through 14-214, inclusive, and the subtitle "Subtitle
2. Principal and Income"
Annotated Code of Maryland
(1991 Replacement Volume and 1999 Supplement)
BY repealing and reenacting, with amendments,
Article - Estates and Trusts
Section 11-106
Annotated Code of Maryland
(1991 Replacement Volume and 1999 Supplement)
BY adding to
Article - Estates and Trusts
Section 15-501 through 15-530, inclusive, to be under the new subtitle
"Subtitle 5. Maryland Uniform Principal and Income Act"
Annotated Code of Maryland
(1991 Replacement Volume and 1999 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section(s) 7-304; and 14-201 through 14-214, inclusive, and the
subtitle "Subtitle 2. Principal and Income" of Article - Estates and Trusts of the
Annotated Code of Maryland be repealed.
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