Maryland § 5-604
Full text of Maryland Maryland Code § 5-604, with citation guidance and answers to common questions.
§ 5-604.
(a) A trustee appointed under this subtitle must be:
(1) a national banking association;
(2) a bank, as defined in the Maryland Uniform Fiduciaries Act;
(3) a savings bank insured by a unit of the federal government;
(4) a savings and loan association insured by a unit of the federal government; or
(5) a person who annually provides, with the trust report, the proof of a fidelity bond that meets the requirements of subsection (b) of this section from a recognized bonding institution authorized to do business in the State in an amount equal to the trust fund.
(b) The fidelity bond provided under subsection (a)(5) of this section shall be:
(1) for the benefit of the trust account of the cemetery or its burial space owners or both;
(2) conditioned such that the applicant shall comply with all Maryland laws and regulations relating to trust accounts; and
(3) subject to the approval of the Director.
(c) A trustee may not use any perpetual care trust funds required to be held in trust in accordance with this subtitle to:
(1) purchase an interest in any contract or agreement to which the registrant, permit holder, or any other person subject to the trust requirements of this subtitle, or any entity owned or under the control of a registrant, permit holder, or any other person subject to the trust requirements of this subtitle, or a spouse, child, parent, or sibling of a registrant or any other person subject to the trust requirements of this subtitle is a party; or
(2) make any loan or direct or indirect investment of any kind:
(i) to any registrant, permit holder, or any other person subject to the trust requirements of this subtitle or to any spouse, child, parent, or sibling of a registrant or any other person subject to the trust requirements of this subtitle;
(ii) to or in any entity or business operations owned or under the control of a registrant, permit holder, or any other person subject to the trust requirements of this subtitle, or a spouse, child, parent, or sibling of a registrant or any other person subject to the trust requirements of this subtitle;
(iii) on or in any real property of a cemetery, or the buildings or structures appurtenant to the property; or
(iv) in any permanent improvements of a cemetery or its facilities.
Frequently Asked Questions About Maryland § 5-604
What does Maryland Code § 5-604 cover?
Section 5-604 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 § 5-604?
A common citation format is "Maryland Code § 5-604" (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 § 5-604 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.