Section 15-530 – Short Title
This subtitle may be cited as the “Maryland Uniform Principal and Income Act”.
Section 15-522 – Asset-Backed Securities
(a) (1) In this section, “asset-backed security” means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security. (2) “Asset-backed security” includes an asset that gives the owner the right to receive from the collateral financial assets only the interest […]
Section 15-523 – Disbursements From Income
A trustee shall make the following disbursements from income to the extent that they are not disbursements to which § 15–503(c)(2) or (3) of this subtitle apply: (1) Regular compensation of the trustee on income, if determined in accordance with § 14.5–708(b) of this article; (2) That portion of the regular compensation of the trustee, if the […]
Section 15-524 – Disbursements From Principal
(a) A trustee shall make the following disbursements from principal: (1) Regular compensation of the trustee on principal, if determined in accordance with § 14.5–708(c) of this article; (2) That portion of the regular compensation of the trustee, if the compensation is determined in a manner other than in accordance with § 14.5–708(b) and (c) of this article, […]
Section 15-525 – Transfers From Income to Principal for Depreciation
(a) In this section, “depreciation” means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than 1 year. (b) A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but […]
Section 15-526 – Transfers From Income to Reimburse Principal
(a) If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a reserve for future principal disbursements. (b) Principal disbursements to which subsection (a) applies include the following, but […]
Section 15-527 – Income Taxes
(a) A tax required to be paid by a trustee based on receipts allocated to income shall be paid from income. (b) A tax required to be paid by a trustee based on receipts allocated to principal shall be paid from principal, even if the tax is called an income tax by the taxing authority. (c) A tax […]
Section 15-528 – Adjustments Between Principal and Income Because of Taxes
(a) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries which arise from: (1) Elections and decisions, other than those described in subsection (b) of this section, that the fiduciary makes from time to time regarding tax matters; (2) An income tax […]
Section 15-529 – Uniformity of Application and Construction
This subtitle shall be so applied and construed to effectuate its general purpose to make uniform the law with respect to the subject matter of this subtitle among those states which enact it.
Section 15-514 – Insurance Policies and Similar Contracts
(a) Except as provided in subsection (b) of this section, a trustee shall: (1) Allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that insures the trust or its trustee against loss for damage to, destruction of, or loss […]