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Ch. 478
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PARRIS N. GLENDENING, Governor
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(7) IF THE TRUSTEE IS A BENEFICIARY OF THE TRUST; OR
(8) IF THE TRUST HAS BEEN CONVERTED TO A UNITRUST IN
ACCORDANCE WITH § 15-502.1 OF THIS SUBTITLE.
(E) IF SUBSECTION (D)(5), (6), OR (7) OF THIS SECTION APPLIES TO A TRUSTEE
AND THERE IS MORE THAN ONE TRUSTEE, A COTRUSTEE TO WHOM THE PROVISION
DOES NOT APPLY MAY MAKE THE ADJUSTMENT UNDER SUBSECTION (A) OF THIS
SECTION UNLESS THE EXERCISE OF THE POWER BY THE REMAINING TRUSTEE OR
TRUSTEES IS NOT PERMITTED BY THE TERMS OF THE TRUST.
(F) (1) A TRUSTEE MAY RELEASE THE ENTIRE POWER CONFERRED BY
SUBSECTION (A) OF THIS SECTION OR MAY RELEASE ONLY THE POWER TO ADJUST
FROM PRINCIPAL TO INCOME IF THE TRUSTEE IS UNCERTAIN ABOUT WHETHER
POSSESSING OR EXERCISING THE POWER WILL CAUSE A RESULT DESCRIBED IN
SUBSECTION (D)(1), (2), (3), (4), (5), OR (6) OF THIS SECTION OR IF THE TRUSTEE
DETERMINES THAT POSSESSING OR EXERCISING THE POWER WILL OR MAY DEPRIVE
THE TRUST OF A TAX BENEFIT OR IMPOSE A TAX BURDEN NOT DESCRIBED IN
SUBSECTION (D) OF THIS SECTION.
(2) THE RELEASE AUTHORIZED UNDER PARAGRAPH (1) OF THIS
SUBSECTION MAY BE PERMANENT OR FOR A SPECIFIED PERIOD, INCLUDING A
PERIOD MEASURED BY THE LIFE OF AN INDIVIDUAL.
(G) THE TERMS OF A TRUST THAT LIMIT THE POWER OF A TRUSTEE TO MAKE
AN ADJUSTMENT BETWEEN PRINCIPAL AND INCOME DO NOT AFFECT THE
APPLICATION OF THIS SECTION UNLESS IT IS CLEAR FROM THE TERMS OF THE
TRUST THAT THE TERMS ARE INTENDED TO DENY THE TRUSTEE THE POWER OF
ADJUSTMENT CONFERRED BY SUBSECTION (A) OF THIS SECTION.
15-502.3.
(A) (1) IN THIS SECTION, "QUALIFIED BENEFICIARY" MEANS:
(1) A PERSON WHO, ON THE DATE THAT NOTICE IS GIVEN BY THE
TRUSTEE IN ACCORDANCE WITH SUBSECTION (B) OF THIS SECTION:
(I) IS A DISTRIBUTEE OR PERMISSIBLE DISTRIBUTEE OF THE
INCOME OR PRINCIPAL OF THE TRUST ESTATE;
(II) WOULD BE A DISTRIBUTEE OR PERMISSIBLE DISTRIBUTEE OF
THE INCOME OR PRINCIPAL OF THE TRUST ESTATE IF THE INTERESTS OF THE
DISTRIBUTEES DESCRIBED IN ITEM (I) OF THIS PARAGRAPH TERMINATED ON THE
DATE THAT NOTICE IS GIVEN BY THE TRUSTEE; OR
(III) WOULD BE A DISTRIBUTEE OR PERMISSIBLE DISTRIBUTEE OF
THE INCOME OR PRINCIPAL OF THE TRUST ESTATE IF THE TRUST WERE TO
TERMINATE ON THE DATE THAT NOTICE IS GIVEN BY THE TRUSTEE; AND NO POWERS
OF APPOINTMENT WERE EXERCISED;
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(2) "QUALIFIED BENEFICIARY INCLUDES:
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- 3815 -
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