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University of Baltimore Law Review

Abstract

Adoption of the Uniform Principal and Income Act has greatly simplified the administrative duties of a trustee who must properly allocate corporate distributions between the income beneficiary and the remainderman. However, Maryland expressly prohibits retroactive application of the UPIA to trusts created prior to its adoption. The result is an inequitable application of obsolete rules of law which do not reflect the sophisticated accounting practices involved in modern corporate distributions.

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