Section 10-301 - Definitions. - Maryland Statutes

§ 10-301. Definitions.
 

(a)  In general.- In this Part I of this subtitle the following words have the meanings indicated. 

(b)  Attorney trust account.-  

(1) "Attorney trust account" means an account that a lawyer or law firm maintains at a financial institution for the deposit of trust money. 

(2) "Attorney trust account" includes an escrow account. 

(c)  Beneficial owner.- "Beneficial owner" means a person, other than the client of a lawyer, for whose benefit a lawyer is entrusted to hold trust money. 

(d)  Trust money.- "Trust money" means a deposit, payment, or other money that a person entrusts to a lawyer to hold for the benefit of a client or a beneficial owner. 
 

[1989, ch. 3, § 1.]