Maryland § 5-706
Full text of Maryland Maryland Code § 5-706, with citation guidance and answers to common questions.
§ 5-706.
(a) Each trust account shall be:
(1) titled “preneed trust account”; and
(2) established by the seller in the seller’s name.
(b) A trustee appointed under this subtitle must be:
(1) a national banking association, as defined in the Financial Institutions Article;
(2) a banking institution, as defined in the Financial Institutions Article;
(3) any other financial institution allowed by law to engage in the trust business; or
(4) a person who provides a fidelity bond from a recognized bonding institution in an amount equal to the trust fund and inuring to the benefit of the trust account of the cemetery or burial goods business, or the preneed buyers, or both.
(c) A seller may:
(1) commingle money from 2 or more preneed burial contracts; and
(2) establish more than 1 trust account.
(d) (1) A trust account established under this subtitle shall be a single purpose trust.
(2) Money in the trust account is not available to a creditor as an asset of the seller.
(e) Money in the trust account may be withdrawn only on the combined signatures of:
(1) 2 officers of a corporate seller; or
(2) at least 2 individuals authorized to withdraw money for an unincorporated seller.
Frequently Asked Questions About Maryland § 5-706
What does Maryland Code § 5-706 cover?
Section 5-706 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 § 5-706?
A common citation format is "Maryland Code § 5-706" (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 § 5-706 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.