Section 10-312 - Powers and duties of trustees. - Maryland Statutes

§ 10-312. Powers and duties of trustees.
 

(a)  In general.- The trustees appointed under § 10-311 of this subtitle shall: 

(1) receive contributions to the Fund; and 

(2) manage the assets of the Fund. 

(b)  Distribution of Fund.- To the extent the trustees consider reimbursement proper and reasonable, the trustees may use the Fund to reimburse a person for a loss that was caused by a defalcation of a lawyer if: 

(1) the lawyer caused the loss while acting for the person as an attorney at law or a fiduciary; and 

(2) the person cannot recover the money under a bond. 

(c)  Enforcement of claims.- The trustees may enforce a claim for restitution arising by subrogation, assignment, or otherwise against any person whose actions gave rise to a claim that the Fund pays. 
 

[An. Code 1957, art. 10, § 43; 1989, ch. 3, § 1.]