US Lawyer Database

For Lawyer-Seekers

YOU DESERVE THE BEST LAWYER

Home » US Law » 2022 Maryland Statutes » Financial Institutions » Title 3 - Banking Institutions -- Commercial Banks » Subtitle 8 - Conversions and Voluntary Dissolutions » Section 3-804 – Voluntary Dissolution — Preference for Property Held in Fiduciary Capacity

    In the distribution of the general assets of a trust company that dissolves voluntarily, the person who succeeds the trust company as a personal representative, guardian, trustee, receiver, or other fiduciary has a preference for all debts and accounts that are due to or held by it as fiduciary over all other debts and liabilities, including salaries and wages of employees.