Maryland Statutes
§ 1-206
Maryland § 1-206
This text of Maryland § 1-206 is published on Counsel Stack Legal Research, covering Maryland primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Md. Code Ann., Financial Institutions § 1-206 (2026).
Text
(a)In this section, “fiduciary deposit surety bond” means a surety bond that:
(1)Guarantees the payment of deposited funds awaiting distribution or investment held by a financial institution in a fiduciary capacity; and
(2)Subject to the terms and conditions of the bond, is irrevocable and absolute.
(b)Except as provided in §§ 6-202 and 6-209 of the State Finance and Procurement Article, if applicable law requires a deposit made by a financial institution to be collateralized, the financial institution may take as collateral for the deposit, in addition to any other permissible collateral, a fiduciary deposit surety bond issued by an insurance company authorized to do business in this State, the claims-paying ability of which is rated in the highest c
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Bluebook (online)
Maryland § 1-206, Counsel Stack Legal Research, https://law.counselstack.com/statute/md/gfi/1-206.