Section 17-501 - Definitions. - Maryland Statutes

§ 17-501. Definitions.
 

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

(b)  Beneficial owner.- "Beneficial owner" means a person, other than the owner of the trust money, for whose benefit a real estate broker or, on behalf of a real estate broker, an associate real estate broker or a real estate salesperson is entrusted to hold trust money. 

(c)  Trust money.- "Trust money" means a deposit, payment, or other money that a person entrusts to a real estate broker or, on behalf of a real estate broker, to an associate real estate broker or a real estate salesperson to hold for: 

(1) the benefit of the owner or beneficial owner of the trust money; and 

(2) a purpose that relates to a real estate transaction involving real estate in the State. 
 

[An. Code 1957, art. 56A, § 4-501; 1989, ch. 3, § 1; 1994, ch. 3, § 13.]