§ 3-515

Maryland § 3-515

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

Text

(a) The trust company that establishes a common trust fund has exclusive management and control of the fund, including the sole right to transfer, change, or dispose of the assets in the fund.

(b) (1) Except as otherwise provided in paragraph (2) of this subsection, a trust company may not:

(i) Charge a fee for the management of a common trust fund; or

(ii) Receive from the fund or from any participating account any additional fee, commission, or compensation of any kind because of the participation of the account in the fund.

(2) A trust company may reimburse itself, from a common trust fund that it administers, for:

(i) Those reasonable expenses incurred in the administration of the fund that could have been charged to a separate fiduciary account if that account were not participating in the fund; and

(ii) Reasonable expenses incurred for audits of the fund by independent certified public accountants or court auditors as permitted or required under the fund plan or as otherwise required by law.