Maryland § 3-516
Full text of Maryland Maryland Code § 3-516, with citation guidance and answers to common questions.
§ 3-516.
(a) For each common trust fund that it administers, a trust company shall set valuation dates at regular intervals of not more than 3 months.
(b) At regular intervals of not more than 12 months, a trust company shall have an audit of each common trust fund by an independent certified public accountant who shall report directly to the board of directors of the trust company.
(c) (1) A trust company that administers a common trust fund may apply to a court for approval of an accounting of the fund.
(2) A petition for approval of an accounting under this section shall be made to the court of equity for the county where the trust company has its principal banking office.
(3) A court may impose conditions and notice requirements before approving an accounting under this section.
Frequently Asked Questions About Maryland § 3-516
What does Maryland Code § 3-516 cover?
Section 3-516 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 § 3-516?
A common citation format is "Maryland Code § 3-516" (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 § 3-516 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.