Maryland § 10-303
Full text of Maryland Maryland Code § 10-303, with citation guidance and answers to common questions.
§ 10-303.
(a) Subject to this section a lawyer shall deposit trust money in an attorney trust account, all interest on which is payable to the Maryland Legal Services Corporation Fund established under § 11–402 of the Human Services Article.
(b) A lawyer shall deposit trust money in an interest bearing account under this section whenever the lawyer reasonably expects that, for the period that the lawyer expects to hold the trust money, the interest that it would earn:
(1) would not exceed $50; or
(2) (i) would exceed $50; but
(ii) would not cover the cost of administering an interest bearing account on which interest is payable to the client or beneficial owner.
(c) The Administrative Office of the Courts, in consultation with the Maryland Legal Services Corporation, may waive the provisions of subsection (b) of this section with respect to a lawyer or law firm that demonstrates that it will cost the Maryland Legal Services Corporation Fund more in service charges to open and maintain an attorney trust account with the interest payable to the Maryland Legal Services Corporation Fund than will be generated in interest by the attorney trust account.
(d) (1) At least quarterly, each financial institution that has an account described under this section shall:
(i) deduct from the total interest accumulated in the account any service charge due on the account; and
(ii) pay the net interest to the Maryland Legal Services Corporation Fund.
(2) A financial institution:
(i) may not charge against the individual accounts of a lawyer any service charges for trust money in an account under this section; and
(ii) may charge the Maryland Legal Services Corporation Fund.
Frequently Asked Questions About Maryland § 10-303
What does Maryland Code § 10-303 cover?
Section 10-303 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 10-303?
A common citation format is "Maryland Code § 10-303" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 10-303 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.