Section 19-402 - Boat broker trust account. - Maryland Statutes

§ 19-402. Boat broker trust account.
 

(a)  In general.- A boat broker shall place any trust moneys received in anticipation of a boat purchase into a boat broker trust account until the boat broker: 

(1) disburses the trust moneys to the beneficial owner on completion of the boat purchase; or 

(2) returns the trust moneys to the purchaser if the boat purchase is not completed. 

(b)  Separate from operating account.- A boat broker trust account established under this section shall be separate from the boat broker's operating account. 
 

[2008, ch. 287.]