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RULE 10-704. TITLING OF ASSETS

West's Annotated Code of MarylandMaryland Rules

West's Annotated Code of Maryland
Maryland Rules
Title 10. Guardians and Other Fiduciaries
Chapter 700. Fiduciary Estates Including Guardianships of the Property
MD Rules, Rule 10-704
RULE 10-704. TITLING OF ASSETS
Currentness
(a) Form. Unless otherwise ordered by the court, assets of a fiduciary estate shall be held in substantially the following form:
(1) Any account in any bank, savings and loan association, or other financial institution shall be held: A.B., (fiduciary) for ______________ (or under the Will of ______________).
(2) Any security held by a fiduciary shall be titled in accordance with subsection (a)(1) of this Rule or in the name of a nominee or in other form without disclosure of the interest of the fiduciary estate, but the fiduciary shall be liable for a wrongful act of the nominee in connection with the security so held.
Cross reference: Code, Estates and Trusts Article, § 15-102(x).
(3) All other intangible assets and all tangible personal assets required to be titled shall be titled in a form similar to subsection (a)(1) of this Rule, unless it is impractical to do so.
(b) Securities in Name of Disabled Person. Unless otherwise ordered by the court, nothing in section (a) of this Rule shall prohibit the fiduciary who has physical possession of securities from retaining them in the name of a disabled person.
(c) Real Estate. Real estate need not be titled in the name of the fiduciary if (1) the real property lies in the county in which the court has assumed jurisdiction or (2) a copy of the court order or instrument naming the fiduciary has been filed in the land records in the Maryland county where the property is located (other than the county in which the court has assumed jurisdiction), or in the land records of another state where the property is located.
Cross reference: For authority of fiduciaries to deposit securities with a securities clearing corporation, see Code, Estates and Trusts Article, § 15-104.
Source: This Rule is derived as follows:
Section (a) is derived from former Rule V76 a.
Subsection (1) is derived from former Rule V76 a.
Subsection (2) is in part derived from former Rule V76 c, Code, Estates and Trusts Article, § 15-102(x) and is in part new.
Section (b) is new.
Section (c) is new.

Credits

[Adopted June 5, 1996, eff. Jan. 1, 1997.]
MD Rules, Rule 10-704, MD R GUARD AND FIDUCIARIES Rule 10-704
Current with amendments received through September 1, 2023. Some sections may be more current, see credits for details.
End of Document