Section 3-514 - Evidence of participation in fund. - Maryland Statutes

§ 3-514. Evidence of participation in fund.
 

(a)  Certificate of participation.-  

(1) A trust company that administers a common trust fund may issue a certificate of participation for each participating account. 

(2) A certificate of participation is not assignable and may not be issued in any form that purports to be negotiable or assignable. 

(b)  Statement of officer.- In any report or accounting required from the trust company by law, a statement that is signed and verified by one of its officers as to the existence, extent, and value of a participation in a common trust fund that it administers may be accepted as evidence of those facts by any court, trust clerk, or supervisory authority. 
 

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