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PARRIS N. GLENDENING, Governor
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H.B. 881
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May 16, 2002
The Honorable Casper R. Taylor, Jr.
Speaker of the House
State House
Annapolis MD 21401
Dear Mr. Speaker:
In accordance with Article II, Section 17 of the Maryland Constitution, I have today
vetoed House Bill 881 - Uniform Principal and Income Act - Unitrust Conversion -
Adjustments Between Principal and Income.
This bill authorizes a trustee to convert a trust to a unitrust or to make adjustments
between the principal and income of a trust under certain circumstances. The bill
applies to each trust or decedent's estate existing on or after October 1, 2002.
Senate Bill 641, which was passed by the General Assembly and signed by me,
accomplishes the same purpose. Therefore, it is not necessary for me to sign House
Bill 881.
Sincerely,
Parris N. Glendening
Governor
House Bill No. 881
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)
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BY repealing and reenacting, with amendments,
Article — Estates and Trusts
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- 5247 -
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