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§ 19-401. Definitions

West's Annotated Code of MarylandBusiness RegulationEffective: October 1, 2008

West's Annotated Code of Maryland
Business Regulation (Refs & Annos)
Title 19. Miscellaneous State Business Regulation (Refs & Annos)
Subtitle 4. Boat Sales (Refs & Annos)
Effective: October 1, 2008
MD Code, Business Regulation, § 19-401
§ 19-401. Definitions
Currentness
(a) In this subtitle the following words have the meanings indicated.
(b) “Beneficial owner” means a person for whose benefit a boat broker is entrusted to hold money.
(c) “Boat” means any vessel that is propelled by sail or machinery in the water.
(d) “Boat broker” means a person who provides boat brokerage services for another person.
(e) “Boat broker trust account” means an account that a broker maintains at a financial institution for the deposit of trust money.
(f) “Boat brokerage services” means to engage in any of the following activities for an expectation of compensation:
(1) selling a boat, offering to sell a boat, or negotiating to sell a boat;
(2) buying a boat, offering to buy a boat, or negotiating to buy a boat;
(3) soliciting or obtaining a listing of a boat; or
(4) negotiating the purchase, sale, or exchange of a boat.
(g) “Trust money” means a deposit, payment, or other money that a person entrusts to a boat broker to hold for the benefit of the person or a beneficial owner.

Credits

Added by Acts 2008, c. 287, § 1, eff. Oct. 1, 2008.
MD Code, Business Regulation, § 19-401, MD BUS REG § 19-401
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