§ 3-504
80 words·~1 min read·
/md/financial-institutions/3-504A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§3–504.
(a)A trust company shall establish and maintain a common trust fund only in accordance with a fund plan that is approved:
(1)By resolution of the board of directors of the trust company; and
(2)By legal counsel.
(b)Notwithstanding any provision of law that applies to a participating fiduciary account, a fund plan controls:
(1)Participations in the fund; and
(2)The rights and benefits in participating accounts of all persons who have interests in the fund.