§ 3-518
133 words·~1 min read·
/md/financial-institutions/3-518A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§3–518.
(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.