Maryland Financial Institutions Section 12-602

Article - Financial Institutions

§ 12-602.

      (a)      In this section, "fiduciary" includes the fiduciary's successor.

      (b)      Except as provided in subsection (c) of this section, if a safe-deposit company rents a safe-deposit box to a fiduciary, the safe-deposit company may not permit access to the safe-deposit box:

            (1)      By any person other than the fiduciary; and

            (2)      If the safe-deposit box is rented to two or more fiduciaries, by less than all of the fiduciaries in person.

      (c)      The safe-deposit company may permit access to the safe-deposit box by:

            (1)      Any individual authorized by all of the fiduciaries, in accordance with a rental agreement, written power of attorney, or other written authority signed by each fiduciary and filed with the safe-deposit company; and

            (2)      Less than all of the fiduciaries, in accordance with a rental agreement, written power of attorney, or other written authority signed by the remaining fiduciaries and filed with the safe-deposit company.



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