Home Table of Contents

§ 3-518. Registration of assets in name of nominee

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, § 3-518
§ 3-518. Registration of assets in name of nominee
Currentness
In general
(a) A trust company may register in the name of a nominee any assets of a common trust fund that it administers.
Individuals or partnerships
(b) The nominee may be either an individual or a partnership.
Registration of assets in name of nominee
(c) A trust company that registers assets in the name of a nominee shall:
(1) Show the assets and the name of the nominee on its records; and
(2) If the nominee is operated or controlled by the trust company, supervise any possession or control of the assets by the nominee.
Nominee treated as owner of assets
(d) A transfer agent or registrar of a corporation whose stocks, bonds, securities, or other obligations are registered in the name of a nominee under this section is not required to investigate and may not be held liable for treating the nominee as the owner of the assets.

Credits

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980.
Formerly Art. 11, § 62.
MD Code, Financial Institutions, § 3-518, MD FIN INST § 3-518
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