§ 3–520
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 3-520 (2026)
Title 3. Banking Institutions -- Commercial Banks
Subtitle 5. Common Trust Funds
§ 3–520LinkCopy Citation
(a)
A transfer agent or a transferee of an asset held in the name of a trustee of a common trust fund may presume conclusively that the trustee has an absolute right to transfer or assign the asset.
(b)
(1)
A transfer agent or a transferee of an asset held in the name of a trustee of a common trust fund is not chargeable with any duty in relation to the fund, a participating account, or any beneficiary of a participating account.
(2)
A transferee of an asset held in the name of a trustee of a common trust fund is not liable for the application of any purchase money paid to the trustee.