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§ 15-513. Obligations to pay money to trustee

West's Annotated Code of MarylandEstates and TrustsEffective: October 1, 2019

West's Annotated Code of Maryland
Estates and Trusts (Refs & Annos)
Title 15. Fiduciaries (Refs & Annos)
Subtitle 5. Maryland Uniform Principal and Income Act (Refs & Annos)
Part IV. Allocation of Receipts During Administration of Trust (Refs & Annos)
Subpart B. Receipts Not Normally Apportioned (Refs & Annos)
Effective: October 1, 2019
MD Code, Estates and Trusts, § 15-513
§ 15-513. Obligations to pay money to trustee
Currentness
Money received as interest allocated to income
(a) An amount received as interest, whether determined at a fixed, variable, or floating rate, on an obligation to pay money to the trustee, including an amount received as consideration for prepaying principal, must be allocated to income without any provision for amortization of premium.
Money received that is allocated to principal
(b)(1) A trustee shall allocate to principal an amount received from the sale, redemption, or other disposition of an obligation to pay money to the trustee more than 1 year after it is purchased or acquired by the trustee, including an obligation whose purchase price or value when it is acquired is less than its value at maturity.
(2) If the obligation matures within 1 year after it is purchased or acquired by the trustee, an amount received in excess of its purchase price or its value when acquired by the trust shall be allocated to income.
Application of section
(c) This section does not apply to an obligation to which § 15-516, § 15-517, § 15-518, § 15-519, § 15-521, or § 15-522 of this subtitle applies.

Credits

Added by Acts 2000, c. 292, § 2, eff. Oct. 1, 2000. Amended by Acts 2019, c. 197, § 1, eff. Oct. 1, 2019.
MD Code, Estates and Trusts, § 15-513, MD EST & TRST § 15-513
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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