Maryland § 10-515
Full text of Maryland Maryland Code § 10-515, with citation guidance and answers to common questions.
§ 10-515.
(a) (1) The Corporation may secure a bond by a trust agreement between the Corporation and a corporate trustee.
(2) A corporate trustee may be any trust company or bank that has the powers of a trust company in or outside the State.
(3) A corporation or trust company incorporated in the State may:
(i) act as depository of bond proceeds or revenue; and
(ii) furnish any indemnity bond or pledge security that the Corporation requires.
(b) The trust agreement or the resolution that provides for the issuance of a bond may:
(1) state the rights and remedies of bondholders and any trustee;
(2) contain provisions to protect and enforce the rights and remedies of bondholders;
(3) contain covenants stating the duties of the Corporation as to the custody, safeguarding, and application of money;
(4) restrict the individual right of action of bondholders;
(5) provide for the payment of the bond proceeds and revenues to an officer, board, or depository that the Corporation determines with the safeguards and restrictions that the Corporation determines; and
(6) provide for the method of disbursement of the bond proceeds and revenues, with the safeguards and restrictions that the Corporation determines.
(c) Expenses incurred in carrying out a trust agreement may be treated as a part of the cost of operation of the Corporation.
Frequently Asked Questions About Maryland § 10-515
What does Maryland Code § 10-515 cover?
Section 10-515 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 § 10-515?
A common citation format is "Maryland Code § 10-515" (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 § 10-515 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.