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§ 10-312. Powers and duties of Fund trustees

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 II. Client Protection Fund
MD Code, Business Occupations & Professions, § 10-312
§ 10-312. Powers and duties of Fund trustees
Currentness
Receipt of contributions, management of assets
(a) The trustees appointed under § 10-311 of this subtitle shall:
(1) receive contributions to the Fund; and
(2) manage the assets of the Fund.
Reimbursement of losses
(b) To the extent the trustees consider reimbursement proper and reasonable, the trustees may use the Fund to reimburse a person for a loss that was caused by a defalcation of a lawyer if:
(1) the lawyer caused the loss while acting for the person as an attorney at law or a fiduciary; and
(2) the person cannot recover the money under a bond.
Restitution claims
(c) The trustees may enforce a claim for restitution arising by subrogation, assignment, or otherwise against any person whose actions gave rise to a claim that the Fund pays.

Credits

Added by Acts 1989, c. 3, § 1, eff. Oct. 1, 1989.
Formerly Art. 10, § 43.
MD Code, Business Occupations & Professions, § 10-312, MD BUS OCCUP & PROF § 10-312
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.
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