Section 14-110 - Permissible holders of trust or fiduciary powers. - Maryland Statutes

§ 14-110. Permissible holders of trust or fiduciary powers.
 

(a)  In general.- The following persons may exercise trust or fiduciary powers in this State: 

(1) An individual; 

(2) A trust company as defined in § 1-101 of this article; 

(3) An organization exempt from taxation under § 501 (c) of the Internal Revenue Code; and 

(4) Subject to subsection (b) of this section, a bank, trust company, or savings bank, other than one described in paragraph (2) of this subsection, that is: 

(i) Organized under the laws of another state and authorized to exercise trust or fiduciary powers in the state where its principal place of business is located; or 

(ii) Organized under the laws of the United States and authorized to exercise trust or fiduciary powers under federal law. 

(b)  Bank, trust company, or savings bank.-  

(1) A bank, trust company, or savings bank described in subsection (a) (4) of this section may exercise trust or fiduciary powers in this State only if the laws of the state where its principal place of business is located authorize a bank, trust company, or savings bank from this State to exercise trust or fiduciary powers in that state. 

(2) A bank, trust company, or savings bank authorized to exercise trust powers under subsection (a) (4) of this section shall file with the Commissioner of Financial Regulation, prior to exercising trust powers in this State, information sufficient to identify: 

(i) The correct corporate name of the bank, trust company, or savings bank; 

(ii) An address and telephone number of a contact person for the bank, trust company, or savings bank; 

(iii) A resident agent; and 

(iv) Any additional information considered necessary by the Commissioner for protection of the public. 
 

[1995, ch. 583; 1996, ch. 326, § 2.]