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H.B. 939
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VETOES
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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;
(3) SHALL ADMINISTER A TRUST OR ESTATE IN ACCORDANCE WITH THIS
SUBTITLE IF THE TERMS OF THE TRUST OR THE WILL DO NOT CONTAIN A DIFFERENT
PROVISION OR DO NOT GIVE THE FIDUCIARY A DISCRETIONARY POWER OF
ADMINISTRATION; AND
(4) SHALL ADD A RECEIPT OR CHARGE A DISBURSEMENT TO PRINCIPAL
TO THE EXTENT THAT THE TERMS OF THE TRUST AND THIS SUBTITLE DO NOT
PROVIDE A RULE FOR ALLOCATING THE RECEIPT OR DISBURSEMENT TO OR
BETWEEN PRINCIPAL AND INCOME.
(B) IN EXERCISING A DISCRETIONARY POWER OF ADMINISTRATION
REGARDING A MATTER WITHIN THE SCOPE OF THIS SUBTITLE, WHETHER GRANTED
BY THE TERMS OF A TRUST, A WILL, OR THIS SUBTITLE, A FIDUCIARY SHALL
ADMINISTER A TRUST OR ESTATE IMPARTIALLY, BASED ON WHAT IS FAIR AND
REASONABLE TO ALL OF THE BENEFICIARIES, EXCEPT TO THE EXTENT THAT THE
TERMS OF THE TRUST OR THE WILL CLEARLY MANIFEST AN INTENTION THAT THE
FIDUCIARY SHALL OR MAY FAVOR ONE OR MORE OF THE BENEFICIARIES. A
DETERMINATION IN ACCORDANCE WITH THIS SUBTITLE IS PRESUMED TO BE FAIR
AND REASONABLE TO ALL OF THE BENEFICIARIES.
PART II. DECEDENT'S ESTATE OR TERMINATING INCOME INTEREST.
15-503. DETERMINATION AND DISTRIBUTION OF NET INCOME.
AFTER A DECEDENT DIES, IN THE CASE OF AN ESTATE, OR AFTER AN INCOME
INTEREST IN A TRUST ENDS, THE FOLLOWING RULES APPLY:
(1) (I) A FIDUCIARY OF AN ESTATE OR OF A TERMINATING INCOME
INTEREST SHALL DETERMINE THE AMOUNT OF NET INCOME AND NET PRINCIPAL
RECEIPTS RECEIVED FROM PROPERTY SPECIFICALLY GIVEN TO A BENEFICIARY
UNDER THE RULES IN PARTS III THROUGH V OF THIS SUBTITLE WHICH APPLY TO
TRUSTEES AND THE RULES IN PARAGRAPH (4) OF THIS SECTION. THE FIDUCIARY
SHALL DISTRIBUTE THE NET INCOME AND NET PRINCIPAL RECEIPTS TO THE
BENEFICIARY WHO IS TO RECEIVE THE SPECIFIC PROPERTY.
(II) 1. IF THE INCOME AND PRINCIPAL RECEIPTS FROM THE
SPECIFIC PROPERTY ARE NOT SUFFICIENT TO PAY THE TAXES, ORDINARY REPAIRS,
AND OTHER EXPENSES OF MANAGEMENT AND OPERATION RELATING TO THE
PROPERTY, OR IF THERE ARE NO INCOME OR PRINCIPAL RECEIPTS, THEN EXPENSES
IN EXCESS OF INCOME AND PRINCIPAL RECEIPTS SHALL BE CHARGED TO AND PAID
BY THE BENEFICIARY WHO IS TO RECEIVE THE SPECIFIC PROPERTY IMMEDIATELY
UPON WRITTEN DEMAND OF THE PERSONAL REPRESENTATIVE, OR AT THE OPTION
OF THE BENEFICIARY, CHARGED AGAINST A SHARE OF THE ESTATE TO WHICH THE
BENEFICIARY MAY BE ENTITLED.
2. IF THE BENEFICIARY WHO IS TO RECEIVE THE SPECIFIC
PROPERTY FAILS TO MAKE PAYMENT TO THE PERSONAL REPRESENTATIVE WITHIN
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- 4614 -
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