§ 15-1A-01
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/md/estates-and-trusts/15-1a-01·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§15–1A–01.
(a)In this subtitle the following words have the meanings indicated.
(b)“Bank” has the meaning stated in 12 U.S.C. § 1841(c).
(c)“Bank holding company” has the meaning stated in 12 U.S.C. § 1841(a).
(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:
(i)If the beneficiary is a minor, the beneficiary’s natural or legal guardian; or
(ii)If the beneficiary is a disabled person, as defined in § 13-101 of this article, any person acting on behalf of the beneficiary under a guardianship, conservatorship, or committee.
(e)“Capital requirement” means a provision in any court order, statute, regulation, or writing, including a will, trust, or similar document or instrument, that requires a fiduciary to have a specified minimum amount of capital or capital and surplus.
(f)“Corporate fiduciary” means:
(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.
(g)“Fiduciary” includes:
(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; and
(10)Any other person who has a fiduciary relationship the responsibilities of which are customarily performed by a corporate fiduciary.
(h)“Successor fiduciary” means a corporate fiduciary that is substituted for another corporate fiduciary under the provisions of § 15-1A-02 of this subtitle, by reason of:
(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.
(i)“Trust company” has the meaning stated in § 1-101 of this article.