Maryland Estates and Trusts Section 15-1A-01

      (a)      In this subtitle the following words have the meanings indicated.

      (b)      "Bank" has the meaning stated in 12 U.S.C. § 1841(c).

      (c)      "Bank holding company" has the meaning stated in 12 U.S.C. § 1841(a).

      (d)      (1)      "Beneficiary" means a person who receives or is entitled as a matter of right to receive a current distribution of principal or income from a trust, estate, or fund with respect to which a substitution of a corporate fiduciary is made under this subtitle.

            (2)      "Beneficiary" includes:

                  (i)      If the beneficiary is a minor, the beneficiary's natural or legal guardian; or

                  (ii)      If the beneficiary is a disabled person, as defined in § 13-101 of this article, any person acting on behalf of the beneficiary under a guardianship, conservatorship, or committee.

      (e)      "Capital requirement" means a provision in any court order, statute, regulation, or writing, including a will, trust, or similar document or instrument, that requires a fiduciary to have a specified minimum amount of capital or capital and surplus.

      (f)      "Corporate fiduciary" means:

            (1)      A bank;

            (2)      A trust company; or

            (3)      Any other corporate entity that is authorized to act as a fiduciary under the laws of this State.

      (g)      "Fiduciary" includes:

            (1)      A trustee;

            (2)      An executor or executrix;

            (3)      A personal representative;

            (4)      A receiver;

            (5)      A special administrator;

            (6)      A guardian;

            (7)      A conservator;

            (8)      A committee;

            (9)      A custodian under the Maryland Uniform Transfers to Minors Act; and

            (10)      Any other person who has a fiduciary relationship the responsibilities of which are customarily performed by a corporate fiduciary.

      (h)      "Successor fiduciary" means a corporate fiduciary that is substituted for another corporate fiduciary under the provisions of § 15-1A-02 of this subtitle, by reason of:

            (1)      A merger or consolidation of corporate fiduciaries;

            (2)      The acquisition of the stock or assets of a corporate fiduciary by another corporate fiduciary;

            (3)      The transfer by a corporate fiduciary of its trust and fiduciary business to another corporate fiduciary; or

            (4)      The acquisition or formation by a corporate fiduciary of a subsidiary, which is itself a corporate fiduciary, in order to undertake the trust and fiduciary business of the subsidiary's parent entity.

      (i)      "Trust company" has the meaning stated in § 1-101 of this article.