§ 3-511

Maryland § 3-511

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

Text

(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.

(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.

(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.

(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.