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H.B. 939
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VETOES
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PAYMENT FROM A THIRD PARTY. THE NET INCOME AND PRINCIPAL RECEIPTS FROM
THE PROPERTY ARE DETERMINED- BY INCLUDING ALL OF THE AMOUNTS THE
FIDUCIARY RECEIVES OR PAYS WITH RESPECT TO THE PROPERTY, WHETHER THOSE
AMOUNTS ACCRUED OR BECAME DUE ON OR AFTER THE DATE OF A DECEDENT'S
DEATH OR AN INCOME INTEREST'S TERMINATING EVENT, AND BY MAKING A
REASONABLE PROVISION FOR AMOUNTS THAT THE FIDUCIARY BELIEVES THE
ESTATE OR TERMINATING INCOME INTEREST MAY BECOME OBLIGATED TO PAY
AFTER THE PROPERTY IS DISTRIBUTED.
15-504. DISTRIBUTION TO RESIDUARY AND REMAINDER BENEFICIARIES.
(A) EACH BENEFICIARY DESCRIBED IN § 15-503(3) OF THIS SUBTITLE IS
ENTITLED TO RECEIVE A PORTION OF THE NET INCOME EQUAL TO THE
BENEFICIARY'S FRACTIONAL INTEREST IN UNDISTRIBUTED PRINCIPAL ASSETS,
USING VALUES AS OF THE DISTRIBUTION DATE. IF A FIDUCIARY MAKES MORE THAN
ONE DISTRIBUTION OF ASSETS TO BENEFICIARIES TO WHOM THIS SECTION APPLIES,
EACH BENEFICIARY, INCLUDING ONE WHO DOES NOT RECEIVE PART OF THE
DISTRIBUTION, IS ENTITLED, AS OF EACH DISTRIBUTION DATE, TO THE NET INCOME
THE FIDUCIARY HAS RECEIVED AFTER THE DATE OF DEATH OR TERMINATING
EVENT OR EARLIER DISTRIBUTION DATE BUT HAS NOT DISTRIBUTED AS OF THE
CURRENT DISTRIBUTION DATE.
(B) IN DETERMINING A BENEFICIARY'S SHARE OF NET INCOME, THE
FOLLOWING RULES APPLY:
(1) THE BENEFICIARY IS ENTITLED TO RECEIVE A PORTION OF THE NET
INCOME EQUAL TO THE BENEFICIARY'S FRACTIONAL INTEREST IN THE
UNDISTRIBUTED PRINCIPAL ASSETS IMMEDIATELY BEFORE THE DISTRIBUTION
DATE, INCLUDING ASSETS THAT LATER MAY BE SOLD TO MEET PRINCIPAL
OBLIGATIONS.
(2) THE BENEFICIARY'S FRACTIONAL INTEREST IN THE
UNDISTRIBUTED PRINCIPAL ASSETS SHALL BE CALCULATED WITHOUT REGARD TO
PROPERTY SPECIFICALLY GIVEN TO A BENEFICIARY AND PROPERTY REQUIRED TO
PAY PECUNIARY AMOUNTS NOT IN TRUST.
(3) THE BENEFICIARY'S FRACTIONAL INTEREST IN THE
UNDISTRIBUTED PRINCIPAL ASSETS SHALL BE CALCULATED ON THE BASIS OF THE
AGGREGATE VALUE OF THOSE ASSETS AS OF THE DISTRIBUTION DATE WITHOUT
REDUCING THE VALUE BY ANY UNPAID PRINCIPAL OBLIGATION.
(4) THE DISTRIBUTION DATE FOR PURPOSES OF THIS SECTION MAY BE
THE DATE AS OF WHICH THE FIDUCIARY CALCULATES THE VALUE OF THE ASSETS IF
THAT DATE IS REASONABLY NEAR THE DATE ON WHICH ASSETS ARE ACTUALLY
DISTRIBUTED.
(C) IF A FIDUCIARY DOES NOT DISTRIBUTE ALL OF THE COLLECTED BUT
UNDISTRIBUTED NET INCOME TO EACH PERSON AS OF A DISTRIBUTION DATE, THE
FIDUCIARY SHALL MAINTAIN APPROPRIATE RECORDS SHOWING THE INTEREST OF
EACH BENEFICIARY IN THAT NET INCOME.
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- 4616 -
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