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Maryland Code, Financial Institutions § 3-518

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

(a) A trust company may register in the name of a nominee any assets of a common trust fund that it administers.

(b) The nominee may be either an individual or a partnership.

(c) A trust company that registers assets in the name of a nominee shall:

(1) Show the assets and the name of the nominee on its records; and

(2) If the nominee is operated or controlled by the trust company, supervise any possession or control of the assets by the nominee.

(d) A transfer agent or registrar of a corporation whose stocks, bonds, securities, or other obligations are registered in the name of a nominee under this section is not required to investigate and may not be held liable for treating the nominee as the owner of the assets.

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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 3-518 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-3-518/

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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