The Honorable Casper R. Taylor, Jr.
Speaker of the House
Annapolis MD 21401
Dear Mr. Speaker:
In accordance with Article II, Section 17 of the Maryland Constitution, I have today vetoed House Bill 939 - Uniform Principal and Income Act.
This bill enacts most of the revised Uniform Principal and Income Act promulgated by the National Conference of Commissioners on Uniform State Laws. The bill also establishes default rules for the trustee of a trust or the personal representative of a decedent's estate to follow in determining whether receipts and disbursements should be classified as principal or income, when the governing will or trust instrument is silent.
Senate Bill 636, which was passed by the General Assembly and signed by me on May 11, 2000, accomplishes the same purpose. Therefore, it is not necessary for me to sign House Bill 939.
Parris N. Glendening