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MARYLAND STATUTES AND CODES

Section 3-504 - Fund plans in general.

§ 3-504. Fund plans in general.
 

(a)  Adoption of plan.- A trust company shall establish and maintain a common trust fund only in accordance with a fund plan that is approved: 

(1) By resolution of the board of directors of the trust company; and 

(2) By legal counsel. 

(b)  Application.- Notwithstanding any provision of law that applies to a participating fiduciary account, a fund plan controls: 

(1) Participations in the fund; and 

(2) The rights and benefits in participating accounts of all persons who have interests in the fund. 
 

[An. Code 1957, art. 11, § 62; 1980, ch. 33, § 2.] 
 

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