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H.B. 881 VETOES
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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:
(1) THE TRUSTEE RECEIVES A WRITTEN REQUEST FROM A BENEFICIARY
TO EXERCISE THE POWER CONFERRED BY THIS SUBSECTION TO CONVERT TO A
UNITRUST;
(2) THE TRUSTEE INVESTS AND MANAGES THE TRUST ASSETS IN THE
MANNER SET FORTH IN § 15-114 (B) AND (C) OF THIS TITLE;
(3) THE TRUSTEE DETERMINES THAT THE CONVERSION WILL ENABLE
THE TRUSTEE TO BETTER CARRY OUT THE INTENT OF THE PERSON WHO CREATED
THE TRUST AND THE PURPOSES OF THE TRUST; AND
(4) (I) THE TRUSTEE COMPLIES WITH THE NOTICE REQUIREMENTS
OF § 15-502.3 OF THIS SUBTITLE AND ALL QUALIFIED BENEFICIARIES CONSENT; OR
(II) A COURT REVIEWS A PETITION FILED UNDER § 15-502.3 OF THIS
SUBTITLE AND APPROVES THE PROPOSED DECISION TO RELEASE THE POWER TO
ADJUST AND TO CONVERT TO A UNITRUST.
(B) IN DECIDING WHETHER TO EXERCISE THE POWER CONFERRED BY
SUBSECTION (A) OF THIS SECTION, A TRUSTEE SHALL CONSIDER ALL FACTORS
RELEVANT TO THE TRUST AND ITS BENEFICIARIES, INCLUDING THE FOLLOWING
FACTORS TO THE EXTENT THEY ARE RELEVANT:
(1) THE NATURE, PURPOSE, AND EXPECTED DURATION OF THE TRUST;
(2) THE INTENT OF THE CREATOR OF THE TRUST;
(3) THE IDENTITY AND CIRCUMSTANCES OF THE BENEFICIARIES;
(4) THE NEEDS FOR LIQUIDITY, REGULARITY OF INCOME, AND
PRESERVATION AND APPRECIATION OF CAPITAL;
(5) THE ASSETS HELD IN THE TRUST AND:
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