§ 3–511
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 3-511 (2026)
Title 3. Banking Institutions -- Commercial Banks
Subtitle 5. Common Trust Funds
§ 3–511LinkCopy Citation
(a)
A trust company may invest in a common trust fund money from an account that it administers as a cofiduciary if the trust company:
(1)
Otherwise may do so under § 3-510 of this subtitle; and
(2)
First obtains the written consent of all other cofiduciaries of that account.
(b)
A trust company that administers a common trust fund, in which an account held by the trust company as cofiduciary participates, is solely responsible for management and control of the fund.
(c)
A cofiduciary, other than the trust company, who consents in good faith to the participation of an account in a common trust fund is not liable to the beneficiaries for the management of the fund.
(d)
On receipt of the written request of a cofiduciary to do so, the trust company shall withdraw the participation of a fiduciary account in a common trust fund at the earliest date that the fund plan permits.