Section 3-517 - Ownership of assets; records. - Maryland Statutes

§ 3-517. Ownership of assets; records.
 

(a)  Legal title and ownership.- The ownership of and title to the individual assets in a common trust fund are solely in the trust company, as trustee of the fund. 

(b)  Records of beneficial interest.- A trust company shall show clearly on its records: 

(1) The name of each fiduciary account on behalf of which the trust company holds a participation in a common trust fund; and 

(2) The extent of the interest held for that fiduciary account. 
 

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