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§ 10-301. Definitions

West's Annotated Code of MarylandBusiness Occupations and Professions

West's Annotated Code of Maryland
Business Occupations and Professions
Title 10. Lawyers (Refs & Annos)
Subtitle 3. Trust Money (Refs & Annos)
Part I. Attorney Trust Accounts
MD Code, Business Occupations & Professions, § 10-301
§ 10-301. Definitions
Currentness
In general
(a) In this Part I of this subtitle the following words have the meanings indicated.
Attorney trust account
(b)(1) “Attorney trust account” means an account that a lawyer or law firm maintains at a financial institution for the deposit of trust money.
(2) “Attorney trust account” includes an escrow account.
Beneficial owner
(c) “Beneficial owner” means a person, other than the client of a lawyer, for whose benefit a lawyer is entrusted to hold trust money.
Trust money
(d) “Trust money” means a deposit, payment, or other money that a person entrusts to a lawyer to hold for the benefit of a client or a beneficial owner.

Credits

Added by Acts 1989, c. 3, § 1, eff. Oct. 1, 1989.
MD Code, Business Occupations & Professions, § 10-301, MD BUS OCCUP & PROF § 10-301
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document