There is a newer version of the Maryland Code
Maryland Financial Institutions Section 3-520
§ 3-520.
  (a)   A transfer agent or a transferee of an asset held in the name of a trustee of a common trust fund may presume conclusively that the trustee has an absolute right to transfer or assign the asset.
  (b)   (1)   A transfer agent or a transferee of an asset held in the name of a trustee of a common trust fund is not chargeable with any duty in relation to the fund, a participating account, or any beneficiary of a participating account.
    (2)   A transferee of an asset held in the name of a trustee of a common trust fund is not liable for the application of any purchase money paid to the trustee.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.