§ 3–504
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 3-504 (2026)
Title 3. Banking Institutions -- Commercial Banks
Subtitle 5. Common Trust Funds
§ 3–504LinkCopy Citation
(a)
A trust company shall establish and maintain a common trust fund only in accordance with a fund plan that is approved:
(1)
By resolution of the board of directors of the trust company; and
(2)
By legal counsel.
(b)
Notwithstanding any provision of law that applies to a participating fiduciary account, a fund plan controls:
(1)
Participations in the fund; and
(2)
The rights and benefits in participating accounts of all persons who have interests in the fund.