Section 15-1 - A-01. Definitions. - Maryland Statutes

§ 15-1A-01. Definitions.
 

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

(b)  Bank.- "Bank" has the meaning stated in 12 U.S.C. § 1841(c). 

(c)  Bank holding company.- "Bank holding company" has the meaning stated in 12 U.S.C. § 1841(a). 

(d)  Beneficiary.-  

(1) "Beneficiary" means a person who receives or is entitled as a matter of right to receive a current distribution of principal or income from a trust, estate, or fund with respect to which a substitution of a corporate fiduciary is made under this subtitle. 

(2) "Beneficiary" includes: 

(i) If the beneficiary is a minor, the beneficiary's natural or legal guardian; or 

(ii) If the beneficiary is a disabled person, as defined in § 13-101 of this article, any person acting on behalf of the beneficiary under a guardianship, conservatorship, or committee. 

(e)  Capital requirement.- "Capital requirement" means a provision in any court order, statute, regulation, or writing, including a will, trust, or similar document or instrument, that requires a fiduciary to have a specified minimum amount of capital or capital and surplus. 

(f)  Corporate fiduciary.- "Corporate fiduciary" means: 

(1) A bank; 

(2) A trust company; or 

(3) Any other corporate entity that is authorized to act as a fiduciary under the laws of this State. 

(g)  Fiduciary.- "Fiduciary" includes: 

(1) A trustee; 

(2) An executor or executrix; 

(3) A personal representative; 

(4) A receiver; 

(5) A special administrator; 

(6) A guardian; 

(7) A conservator; 

(8) A committee; 

(9) A custodian under the Maryland Uniform Transfers to Minors Act; and 

(10) Any other person who has a fiduciary relationship the responsibilities of which are customarily performed by a corporate fiduciary. 

(h)  Successor fiduciary.- "Successor fiduciary" means a corporate fiduciary that is substituted for another corporate fiduciary under the provisions of § 15-1A-02 of this subtitle, by reason of: 

(1) A merger or consolidation of corporate fiduciaries; 

(2) The acquisition of the stock or assets of a corporate fiduciary by another corporate fiduciary; 

(3) The transfer by a corporate fiduciary of its trust and fiduciary business to another corporate fiduciary; or 

(4) The acquisition or formation by a corporate fiduciary of a subsidiary, which is itself a corporate fiduciary, in order to undertake the trust and fiduciary business of the subsidiary's parent entity. 

(i)  Trust company.- "Trust company" has the meaning stated in § 1-101 of this article. 
 

[1989, ch. 644; 1990, ch. 6, § 2; 1991, ch. 207, § 2; 2001, ch. 669.]