Section 3-520 - Transfer of assets from a common trust fund. - Maryland Statutes

§ 3-520. Transfer of assets from a common trust fund.
 

(a)  Presumption of right to transfer.- A transfer agent or a transferee of an asset held in the name of a trustee of a common trust fund may presume conclusively that the trustee has an absolute right to transfer or assign the asset. 

(b)  Liability.-  

(1) A transfer agent or a transferee of an asset held in the name of a trustee of a common trust fund is not chargeable with any duty in relation to the fund, a participating account, or any beneficiary of a participating account. 

(2) A transferee of an asset held in the name of a trustee of a common trust fund is not liable for the application of any purchase money paid to the trustee. 
 

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