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§ 3-511. Investment in common trust fund administered as cofiduciary

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, § 3-511
§ 3-511. Investment in common trust fund administered as cofiduciary
Currentness
In general
(a) A trust company may invest in a common trust fund money from an account that it administers as a cofiduciary if the trust company:
(1) Otherwise may do so under § 3-510 of this subtitle; and
(2) First obtains the written consent of all other cofiduciaries of that account.
Management and control of fund
(b) A trust company that administers a common trust fund, in which an account held by the trust company as cofiduciary participates, is solely responsible for management and control of the fund.
Liability to beneficiaries for management of fund
(c) A cofiduciary, other than the trust company, who consents in good faith to the participation of an account in a common trust fund is not liable to the beneficiaries for the management of the fund.
Withdrawal of participation in fund
(d) On receipt of the written request of a cofiduciary to do so, the trust company shall withdraw the participation of a fiduciary account in a common trust fund at the earliest date that the fund plan permits.

Credits

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980.
Formerly Art. 11, § 62.
MD Code, Financial Institutions, § 3-511, MD FIN INST § 3-511
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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