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H.B. 881
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VETOES
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(1) THE NAME AND MAILING ADDRESS OF THE TRUSTEE, TOGETHER
WITH THE NAME AND TELEPHONE NUMBER OF A PERSON WHO MAY BE CONTACTED
FOR ADDITIONAL INFORMATION;
(2) A DESCRIPTION OF THE DECISION PROPOSED TO BE TAKEN AND, IF
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, A
DESCRIPTION OF THAT ACTION;
(3) THE TIME WITHIN WHICH WRITTEN CONSENTS TO THE PROPOSED
DECISION MAY BE GIVEN TO THE TRUSTEE, WHICH SHALL BE AT LEAST 30 DAYS
AFTER THE MAILING OF THE NOTICE OF PROPOSED DECISION; AND
(4) THE DATE ON OR AFTER WHICH THE PROPOSED DECISION MAY BE
TAKEN OR IS EFFECTIVE, WHICH SHALL BE AFTER THE END OF THE TIME WITHIN
WHICH CONSENTS TO THE PROPOSED DECISION MAY BE GIVEN TO THE TRUSTEE.
(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(1) 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.
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- 5256 -
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