Section 19-401 - Definitions. - Maryland Statutes

§ 19-401. Definitions.
 

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

(b)  Beneficial owner.- "Beneficial owner" means a person for whose benefit a boat broker is entrusted to hold money. 

(c)  Boat.- "Boat" means any vessel that is propelled by sail or machinery in the water. 

(d)  Boat broker.- "Boat broker" means a person who provides boat brokerage services for another person. 

(e)  Boat broker trust account.- "Boat broker trust account" means an account that a broker maintains at a financial institution for the deposit of trust money. 

(f)  Boat brokerage services.- "Boat brokerage services" means to engage in any of the following activities for an expectation of compensation: 

(1) selling a boat, offering to sell a boat, or negotiating to sell a boat; 

(2) buying a boat, offering to buy a boat, or negotiating to buy a boat; 

(3) soliciting or obtaining a listing of a boat; or 

(4) negotiating the purchase, sale, or exchange of a boat. 

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

[2008, ch. 287.]