Section 21-210 - Bond. - Maryland Statutes

§ 21-210. Bond.
 

(a)  Purchase by State.- The State shall purchase a bond for each fiduciary in accordance with Title 9, Subtitle 17 of the State Government Article. 

(b)  Violation of bond requirement prohibited.-  

(1) Unless a fiduciary is bonded as required by subsection (a) of this section, the fiduciary may not exercise custody or control of any assets of a State system. 

(2) A fiduciary may not allow another fiduciary to act in violation of paragraph (1) of this subsection. 

(c)  Other laws requiring bond not applicable.- The bond required by subsection (a) of this section is the only bond required for a fiduciary to exercise custody or control of any assets of a State system. 
 

[An. Code 1957, art. 73B, § 1-210; 1994, ch. 6, § 2; 1998, ch. 21, § 1.]