§ 3-504

Maryland § 3-504

• Jurisdiction: Maryland
• Article gfi: Financial Institutions
• Title: 3

Text

(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.

(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.