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Maryland Code, Financial Institutions § 3-514

Current as of January 01, 2025 | Updated by Findlaw Staff

(a)(1) A trust company that administers a common trust fund may issue a certificate of participation for each participating account.

(2) A certificate of participation is not assignable and may not be issued in any form that purports to be negotiable or assignable.

(b) In any report or accounting required from the trust company by law, a statement that is signed and verified by one of its officers as to the existence, extent, and value of a participation in a common trust fund that it administers may be accepted as evidence of those facts by any court, trust clerk, or supervisory authority.

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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 3-514 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-3-514/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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