Home Table of Contents

§ 3-504. Adoption and application of fund plan

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 3. Banking Institutions--Commercial Banks
Subtitle 5. Common Trust Funds (Refs & Annos)
MD Code, Financial Institutions, § 3-504
§ 3-504. Adoption and application of fund plan
Currentness
In general
(a) A trust company shall establish and maintain a common trust fund only in accordance with a fund plan that is approved:
(1) By resolution of the board of directors of the trust company; and
(2) By legal counsel.
Scope of fund plan
(b) Notwithstanding any provision of law that applies to a participating fiduciary account, a fund plan controls:
(1) Participations in the fund; and
(2) The rights and benefits in participating accounts of all persons who have interests in the fund.

Credits

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980.
Formerly Art. 11, § 62.
MD Code, Financial Institutions, § 3-504, MD FIN INST § 3-504
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.
End of Document