Maryland Code, Estates and Trusts § 15-1A-01

(d)(1) “Beneficiary” means a person who receives or is entitled as a matter of right to receive a current distribution of principal or income from a trust, estate, or fund with respect to which a substitution of a corporate fiduciary is made under this subtitle.

(2) “Beneficiary” includes:

(1) A bank;

(2) A trust company; or

(3) Any other corporate entity that is authorized to act as a fiduciary under the laws of this State.

(1) A trustee;

(2) An executor or executrix;

(3) A personal representative;

(4) A receiver;

(5) A special administrator;

(6) A guardian;

(7) A conservator;

(8) A committee;

(9) A custodian under the Maryland Uniform Transfers to Minors Act;  1 and

(10) Any other person who has a fiduciary relationship the responsibilities of which are customarily performed by a corporate fiduciary.

(1) A merger or consolidation of corporate fiduciaries;

(2) The acquisition of the stock or assets of a corporate fiduciary by another corporate fiduciary;

(3) The transfer by a corporate fiduciary of its trust and fiduciary business to another corporate fiduciary; or

(4) The acquisition or formation by a corporate fiduciary of a subsidiary, which is itself a corporate fiduciary, in order to undertake the trust and fiduciary business of the subsidiary's parent entity.