|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARRIS N. GLENDENING, Governor
|
|
|
|
|
|
Ch. 478
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(E) IF THE TRUSTEE RECEIVES THE WRITTEN CONSENT OF ALL QUALIFIED
BENEFICIARIES, THEN THE TRUSTEE SHALL UNDERTAKE THE PROPOSED DECISION
UNLESS THE PROPOSED DECISION ALSO INCLUDES AN ACTION THAT REQUIRES AN
ORDER OF A COURT IN ACCORDANCE WITH § 15-502.1 OR § 15-502.2 OF THIS SUBTITLE.
(F) IF ANY QUALIFIED BENEFICIARY DOES NOT CONSENT TO THE PROPOSED
DECISION, OR IF THE PROPOSED DECISION INCLUDES AN ACTION THAT REQUIRES
AN ORDER OF A COURT UNDER § 15-502.1 OR § 15-502.2 OF THIS SUBTITLE, THEN THE
TRUSTEE OR ANY QUALIFIED BENEFICIARY MAY FILE A PETITION TO REVIEW THE
PROPOSED DECISION IN THE CIRCUIT COURT FOR THE COUNTY IN WHICH THE
TRUSTEE RESIDES IN THIS STATE, IF THE TRUSTEE IS AN INDIVIDUAL, OR IN WHICH
THE PRINCIPAL PLACE OF BUSINESS OF THE TRUSTEE IS LOCATED IN THIS STATE.
(G) (1) IN A PROCEEDING UNDER SUBSECTION (F) OF THIS SECTION:
(I) WITH RESPECT TO THE POWER TO CONVERT TO A UNITRUST
UNDER § 15-502.1(A) OF THIS SUBTITLE OR TO RECONVERT FROM A UNITRUST UNDER
§ 15-502.1(I) OF THIS SUBTITLE, THE SOLE REMEDY IN THE PROCEEDING IS TO
DIRECT, DENY, OR REVISE THE CONVERSION TO A UNITRUST OR RECONVERSION
FROM A UNITRUST; AND
(II) WITH RESPECT TO THE POWER TO ADJUST BETWEEN
PRINCIPAL AND INCOME UNDER § 15-502.2(A) OF THIS SUBTITLE, THE SOLE REMEDY
IN THE PROCEEDING IS TO DIRECT, DENY, OR REVISE THE ADJUSTMENT BETWEEN
PRINCIPAL AND INCOME.
(2) NOTICE OF THE PROCEEDING SHALL BE GIVEN BY THE PETITIONER
TO THE TRUSTEE AND TO ALL QUALIFIED BENEFICIARIES.
(H) ANY ACTION TAKEN OR NOT TAKEN IN ACCORDANCE WITH THE
PROVISIONS OF THIS SECTION SHALL BE BINDING ON THE TRUSTEE, ALL QUALIFIED
BENEFICIARIES, AND ANY OTHER PERSON WHO HAS A PRESENT OR FUTURE
INTEREST IN THE TRUST, VESTED OR CONTINGENT, INCLUDING ANY UNBORN OR
UNASCERTAINED BENEFICIARY, AND THE TRUSTEE IS NOT LIABLE TO ANY PERSON
FOR THAT ACTION TAKEN OR NOT TAKEN.
15-515.
(A) (1) If a trustee determines that an allocation between principal and
income required by § 15-516, § 15-517, § 15-518, § 15-519, or § 15-522 of this
subtitle is insubstantial, the trustee may allocate the entire amount to principal
UNLESS ONE OF THE CIRCUMSTANCES DESCRIBED IN § 15-502.2(D) OF THIS SUBTITLE
APPLIES TO THE ALLOCATION.
(2) THIS POWER MAY BE EXERCISED BY A COTRUSTEE IN THE
CIRCUMSTANCES DESCRIBED IN § 15.502.2(E) OF THIS SUBTITLE, AND MAY BE
RELEASED FOR THE REASONS AND IN THE MANNER DESCRIBED IN § 15-502.2(F) OF
THIS SUBTITLE.
|
|
|
|
|
|
|
|
|
|
(B) An allocation is presumed to be insubstantial if:
|
|
|
|
|
|
|
|
|
- 3817 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
