# Financial Institutions (GFI)

## Title 3. Banking Institutions -- Commercial Banks

### Subtitle 5. Common Trust Funds

#### Section 3-511

(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 Sec. 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.

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Md. Code Ann., Fin. Inst. (as displayed at mgaleg.maryland.gov, October 16, 2026)