ROBERT L. EHRLICH, JR., Governor                             Ch. 254

CHAPTER 254
(Senate Bill 153)

AN ACT concerning

Trusts - Termination by Corporate Fiduciary

FOR the purpose of altering the maximum amount of the fair market value of a trust
that a corporate fiduciary acting as a trustee may terminate without an order of
court; repealing a certain mailing option for sending certain notices and
objections; providing for the application of this Act; and generally relating to the
authorization of a corporate fiduciary acting as a trustee to terminate a trust
without an order of court.

BY repealing and reenacting, with amendments,
Article - Estates and Trusts
Section 14-107
Annotated Code of Maryland
(2001 Replacement Volume and 2003 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Estates and Trusts

14-107.

(a) (1) In this section the following words have the meanings indicated.

(2)     (i) "Beneficiary" means an ascertainable person who has a present
or future interest in a trust estate.

(ii) "Beneficiary" includes:

1.       If the beneficiary is a minor, the beneficiary's natural or
legal guardian; or

2.       If the beneficiary is a disabled person, as defined in §
13-101 of this article, any person acting on behalf of the beneficiary under a
guardianship, conservatorship, or committee.

(3)     "Corporate fiduciary" has the meaning stated in § 15-1A-01 of this
article.

(4)     "Life expectancy" means the life expectancy published in the life
tables issued by the U.S. Department of Health and Human Services from time to
time.

(5)     "Net annual income" means the gross income of a trust estate during
a fiscal year minus trust commissions and expenses attributable to income for that
fiscal year.

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