May 16, 2002
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 881 - Uniform Principal and Income Act - Unitrust Conversion - Adjustments Between Principal and Income.
This bill authorizes a trustee to convert a trust to a unitrust or to make adjustments between the principal and income of a trust under certain circumstances. The bill applies to each trust or decedent's estate existing on or after October 1, 2002.
Senate Bill 641, which was passed by the General Assembly and signed by me, accomplishes the same purpose. Therefore, it is not necessary for me to sign House Bill 881.
Parris N. Glendening