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Ch. 478
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2002 LAWS OF MARYLAND
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CHAPTER 478
(Senate Bill 641)
AN ACT concerning
Uniform Principal and Income Act - Unitrust Conversion - Adjustments
Between Principal and Income
FOR the purpose of authorizing a trustee to convert a trust to a unitrust or make
adjustments between principal and income under certain circumstances;
requiring a trustee to give notice to certain beneficiaries persons of certain
proposed decisions regarding the power to convert a trust to a unitrust or to
adjust between principal and income; providing for judicial review of a proposed
decision; clarifying the right of a trustee to adjust between income and principal
because of taxes with respect to certain liquidating distributions from certain
entities; making certain conforming changes; defining a certain term; providing
for the application of this Act; and generally relating to allocations between
principal and income of estates and trusts.
BY adding to
Article - Estates and Trusts
Section 15-501(o), 15-502.1, 15-502.2, and 15-502.3
Annotated Code of Maryland
(2001 Replacement Volume and 2001 Supplement)
BY repealing and reenacting, with amendments,
Article - Estates and Trusts
Section 15-515, 15-520, and 15-528
Annotated Code of Maryland
(2001 Replacement Volume and 2001 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Estates and Trusts
15-501.
(O) "UNITRUST" MEANS A TRUST FROM WHICH THE INCOME BENEFICIARY IS
ENTITLED TO RECEIVE ANNUALLY A FIXED PERCENTAGE OF THE FAIR MARKET
VALUE OF THE TRUST'S ASSETS.
15-502.1.
(A) A TRUSTEE MAY CONVERT A TRUST INTO A UNITRUST AS DESCRIBED IN
THIS SECTION IF:
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