Section 9-958 - Money received held in trust. - Maryland Statutes

§ 9-958. Money received held in trust.
 

(a)  In general.- Any money that an authority receives under this subtitle as proceeds from the sale of bonds or as revenues is a trust fund that the authority shall hold and apply only as provided in this subtitle. 

(b)  Designation of trustees.- The resolution or trust agreement that provides for the issuance of or secures bonds of an authority shall provide that any officer to whom, or any bank, trust company, or other fiscal agent to which, the authority pays any money received under this subtitle shall: 

(1) Act as trustee of the money; and 

(2) Hold and apply the money: 

(i) For the purposes of this subtitle; and 

(ii) Subject to any provision of the resolution or trust agreement. 
 

[1985, ch. 173, § 2.]