Section 3-514 – Evidence of Participation in Fund
(a) (1) A trust company that administers a common trust fund may issue a certificate of participation for each participating account. (2) A certificate of participation is not assignable and may not be issued in any form that purports to be negotiable or assignable. (b) In any report or accounting required from the trust company by law, a statement […]
Section 3-515 – Fund Management; Management Fees
(a) The trust company that establishes a common trust fund has exclusive management and control of the fund, including the sole right to transfer, change, or dispose of the assets in the fund. (b) (1) Except as otherwise provided in paragraph (2) of this subsection, a trust company may not: (i) Charge a fee for the management of a […]
Section 3-516 – Valuation Dates; Audits; Special Accounting
(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 […]
Section 3-501 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Common trust fund” means a fund that a trust company maintains under this subtitle solely for the collective investment of money held by the trust company as fiduciary. (c) “Fund plan” means a written plan for the establishment and administration of a common trust fund. (d) “Trust […]
Section 3-517 – Ownership of Assets; Records
(a) The ownership of and title to the individual assets in a common trust fund are solely in the trust company, as trustee of the fund. (b) A trust company shall show clearly on its records: (1) The name of each fiduciary account on behalf of which the trust company holds a participation in a common trust fund; […]
Section 3-502 – Establishment of Fund
A trust company may establish and administer one or more common trust funds in accordance with the requirements of this subtitle.
Section 3-518 – Registration of Assets in Name of Nominee
(a) A trust company may register in the name of a nominee any assets of a common trust fund that it administers. (b) The nominee may be either an individual or a partnership. (c) A trust company that registers assets in the name of a nominee shall: (1) Show the assets and the name of the nominee on its […]
Section 3-503 – Powers of Trust Company
The fiduciary capacities of a trust company referred to in this subtitle include all of those capacities in which a trust company may act under this article.
Section 3-519 – Investment of Fund Assets
A trust company may invest the assets of a common trust fund in any investment in which a fiduciary who is not restricted by investment limitations under the governing instrument or authorization may invest under the laws of this State.
Section 3-504 – Fund Plans in General
(a) A trust company shall establish and maintain a common trust fund only in accordance with a fund plan that is approved: (1) By resolution of the board of directors of the trust company; and (2) By legal counsel. (b) Notwithstanding any provision of law that applies to a participating fiduciary account, a fund plan controls: (1) Participations in the […]