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§ 3-514. Certificate of participation

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, § 3-514
§ 3-514. Certificate of participation
Currentness
Certificate for each participating account
(a)(1) A trust company that administers a common trust fund may issue a certificate of participation for each participating account.
(2) A certificate of participation is not assignable and may not be issued in any form that purports to be negotiable or assignable.
Evidence of participation in common trust fund
(b) In any report or accounting required from the trust company by law, a statement that is signed and verified by one of its officers as to the existence, extent, and value of a participation in a common trust fund that it administers may be accepted as evidence of those facts by any court, trust clerk, or supervisory authority.

Credits

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980.
Formerly Art. 11, § 62.
MD Code, Financial Institutions, § 3-514, MD FIN INST § 3-514
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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