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PARRIS N. GLENDENING, Governor
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H.B. 881
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(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:
(2) "QUALIFIED BENEFICIARY" INCLUDES:
(I) (2) IF THE QUALIFIED BENEFICIARY AN INDIVIDUAL
DESCRIBED IN PARAGRAPH (1) OF THIS SUBSECTION IS A MINOR, THE QUALIFIED
BENEFICIARY'S INDIVIDUAL'S NATURAL OR LEGAL GUARDIAN; AND OR
(II) (3) IF THE QUALIFIED BENEFICIARY AN INDIVIDUAL
DESCRIBED IN PARAGRAPH (1) OF THIS SUBSECTION IS A DISABLED. PERSON, AS
DEFINED IN § 13-101 OF THIS ARTICLE, ANY PERSON ACTING ON BEHALF OF THE
QUALIFIED BENEFICIARY INDIVIDUAL UNDER A GUARDIANSHIP,
CONSERVATORSHIP, OR COMMITTEE.
(B) A TRUSTEE SHALL GIVE NOTICE OF A PROPOSED DECISION REGARDING
THE EXERCISE OR NONEXERCISE OF THE DISCRETIONARY POWER CONFERRED
UNDER:
(1) SECTION 15-502.1(A) OF THIS SUBTITLE TO CONVERT A TRUST TO A
UNITRUST;
(2) SECTION 15-502.1(1) OF THIS SUBTITLE TO RECONVERT FROM A
UNITRUST, OR
(3) SECTION 15-502.2(A) OF THIS SUBTITLE TO ADJUST BETWEEN
PRINCIPAL AND INCOME.
(C) THE TRUSTEE SHALL MAIL THE NOTICE REQUIRED UNDER SUBSECTION
(B) OF THIS SECTION TO:
(1) ALL QUALIFIED BENEFICIARIES, EXCEPT THAT NOTICE OF THE
PROPOSED DECISION NEED NOT BE GIVEN TO ANY QUALIFIED BENEFICIARY WHO
CONSENTS IN WRITING TO THE PROPOSED DECISION AT ANY TIME BEFORE THE
NOTICE IS MAILED; AND
(2) THE CREATOR OF THE TRUST IF LIVING.
(D) THE NOTICE OF PROPOSED DECISION SHALL STATE THAT IT IS GIVEN IN
ACCORDANCE WITH THIS SECTION AND SHALL STATE THE FOLLOWING:
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- 5255 -
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