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§ 1-1427. Trust funds

West's Annotated Code of MarylandLocal GovernmentEffective: October 1, 2017

West's Annotated Code of Maryland
Local Government (Refs & Annos)
Division I. Definitions; General Provisions [Titles 1-3] (Refs & Annos)
Title 1. Definitions; General Provisions (Refs & Annos)
Subtitle 14. Establishment of Land Bank Authorities (Refs & Annos)
Effective: October 1, 2017
MD Code, Local Government, § 1-1427
Formerly cited as MD LOCAL GOVT § 5-427Formerly cited as MD CODE, Art. 23A, § 78
§ 1-1427. Trust funds
Currentness
In general
(a) Proceeds from the sale of bonds and other revenues received under this subtitle are trust funds to be held and applied solely as provided in this subtitle.
Trustee
(b)(1) Each officer, bank, or trust company that receives trust money from an authority under this subtitle shall act as trustee of the money and shall hold and apply the money for the purposes specified under this subtitle.
(2) The officer, bank, or trust company holding money is subject to:
(i) any regulation adopted under this subtitle; and
(ii) the resolution authorizing the issuance of bonds or the trust agreement.

Credits

Added as Local Government § 5-427 by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013. Renumbered as Local Government § 1-1427 by Acts 2017, c. 618, § 1, eff. Oct. 1, 2017; Acts 2017, c. 619, § 1, eff. Oct. 1, 2017.
MD Code, Local Government, § 1-1427, MD LOCAL GOVT § 1-1427
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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