2013 Maryland Code
FINANCIAL INSTITUTIONS
§ 3-511 - Cofiduciaries
§3-511.
(a) A trust company may invest in a common trust fund money from an account that it administers as a cofiduciary if the trust company:
(1) Otherwise may do so under § 3-510 of this subtitle; and
(2) First obtains the written consent of all other cofiduciaries of that account.
(b) A trust company that administers a common trust fund, in which an account held by the trust company as cofiduciary participates, is solely responsible for management and control of the fund.
(c) A cofiduciary, other than the trust company, who consents in good faith to the participation of an account in a common trust fund is not liable to the beneficiaries for the management of the fund.
(d) On receipt of the written request of a cofiduciary to do so, the trust company shall withdraw the participation of a fiduciary account in a common trust fund at the earliest date that the fund plan permits.
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