§ 15–1A-01
Statutes in effect as of October 1, 2026.
Md. Code Ann., Est. & Trusts § 15-1A-01 (2026)
Title 15. Fiduciaries
Subtitle 1A. Successor Corporate Fiduciaries
§ 15–1A-01LinkCopy Citation
(a)
In this subtitle the following words have the meanings indicated.
(b)
“Bank” has the meaning stated in 12 U.S.C. § 1841(c).
(c)
“Bank holding company” has the meaning stated in 12 U.S.C. § 1841(a).
(d)
(1)
“Beneficiary” means a person who receives or is entitled as a matter of right to receive a current distribution of principal or income from a trust, estate, or fund with respect to which a substitution of a corporate fiduciary is made under this subtitle.
(2)
“Beneficiary” includes:
(i)
If the beneficiary is a minor, the beneficiary’s natural or legal guardian; or
(ii)
If the beneficiary is a disabled person, as defined in § 13-101 of this article, any person acting on behalf of the beneficiary under a guardianship, conservatorship, or committee.
(e)
“Capital requirement” means a provision in any court order, statute, regulation, or writing, including a will, trust, or similar document or instrument, that requires a fiduciary to have a specified minimum amount of capital or capital and surplus.
(f)
“Corporate fiduciary” means:
(1)
A bank;
(2)
A trust company; or
(3)
Any other corporate entity that is authorized to act as a fiduciary under the laws of this State.
(g)
“Fiduciary” includes:
(1)
A trustee;
(2)
An executor or executrix;
(3)
A personal representative;
(4)
A receiver;
(5)
A special administrator;
(6)
A guardian;
(7)
A conservator;
(8)
A committee;
(9)
A custodian under the Maryland Uniform Transfers to Minors Act; and
(10)
Any other person who has a fiduciary relationship the responsibilities of which are customarily performed by a corporate fiduciary.
(h)
“Successor fiduciary” means a corporate fiduciary that is substituted for another corporate fiduciary under the provisions of § 15-1A-02 of this subtitle, by reason of:
(1)
A merger or consolidation of corporate fiduciaries;
(2)
The acquisition of the stock or assets of a corporate fiduciary by another corporate fiduciary;
(3)
The transfer by a corporate fiduciary of its trust and fiduciary business to another corporate fiduciary; or
(4)
The acquisition or formation by a corporate fiduciary of a subsidiary, which is itself a corporate fiduciary, in order to undertake the trust and fiduciary business of the subsidiary’s parent entity.
(i)
“Trust company” has the meaning stated in § 1-101 of this article.