Maryland § 15-1A-01

§ 15-1A-01.

    (a)    In this subtitle the following words have the meanings indicated.

    (b)    “Bank” has the meaning stated in 12 U.S.C. § 1841(c).

    (c)    “Bank holding company” has the meaning stated in 12 U.S.C. § 1841(a).

    (d)    (1)    “Beneficiary” means a person who receives or is entitled as a matter of right to receive a current distribution of principal or income from a trust, estate, or fund with respect to which a substitution of a corporate fiduciary is made under this subtitle.

        (2)    “Beneficiary” includes:

            (i)    If the beneficiary is a minor, the beneficiary’s natural or legal guardian; or

            (ii)    If the beneficiary is a disabled person, as defined in § 13-101 of this article, any person acting on behalf of the beneficiary under a guardianship, conservatorship, or committee.

    (e)    “Capital requirement” means a provision in any court order, statute, regulation, or writing, including a will, trust, or similar document or instrument, that requires a fiduciary to have a specified minimum amount of capital or capital and surplus.

    (f)    “Corporate fiduciary” means:

        (1)    A bank;

        (2)    A trust company; or

        (3)    Any other corporate entity that is authorized to act as a fiduciary under the laws of this State.

    (g)    “Fiduciary” includes:

        (1)    A trustee;

        (2)    An executor or executrix;

        (3)    A personal representative;

        (4)    A receiver;

        (5)    A special administrator;

        (6)    A guardian;

        (7)    A conservator;

        (8)    A committee;

        (9)    A custodian under the Maryland Uniform Transfers to Minors Act; and

        (10)    Any other person who has a fiduciary relationship the responsibilities of which are customarily performed by a corporate fiduciary.

    (h)    “Successor fiduciary” means a corporate fiduciary that is substituted for another corporate fiduciary under the provisions of § 15-1A-02 of this subtitle, by reason of:

        (1)    A merger or consolidation of corporate fiduciaries;

        (2)    The acquisition of the stock or assets of a corporate fiduciary by another corporate fiduciary;

        (3)    The transfer by a corporate fiduciary of its trust and fiduciary business to another corporate fiduciary; or

        (4)    The acquisition or formation by a corporate fiduciary of a subsidiary, which is itself a corporate fiduciary, in order to undertake the trust and fiduciary business of the subsidiary’s parent entity.

    (i)    “Trust company” has the meaning stated in § 1-101 of this article.