(a) Proceeds from the sale of bonds and other revenues received under this subtitle are trust funds to be held and applied solely as provided in this subtitle.
(b) (1) Each officer, bank, or trust company that receives trust money from an authority under this subtitle shall act as trustee of the money and shall hold and apply the money for the purposes specified under this subtitle.
(2) The officer, bank, or trust company holding money is subject to:
(i) any regulation adopted under this subtitle; and
(ii) the resolution authorizing the issuance of bonds or the trust agreement.
Structure Maryland Statutes
Division I - Definitions; General Provisions
Title 1 - Definitions; General Provisions
Subtitle 14 - Establishment of Land Bank Authorities
Section 1-1402 - Construction of Subtitle
Section 1-1403 - Land Bank Authority
Section 1-1404 - Board of Directors
Section 1-1407 - Staff and Consultants
Section 1-1408 - Appointment of Receiver
Section 1-1409 - Internal Administration
Section 1-1411 - Property Rights
Section 1-1412 - Property -- Inventory and Classification; Fee
Section 1-1413 - Outstanding Tax Liens
Section 1-1414 - Money and Proceeds
Section 1-1415 - State and Local Taxes
Section 1-1417 - Public Property
Section 1-1421 - Trust Agreement
Section 1-1422 - Conclusive and Binding Determination of Authority
Section 1-1424 - Liability; Full Faith and Credit
Section 1-1425 - Rates, Rents, and Fees
Section 1-1426 - Pledge of Revenue
Section 1-1428 - Refunding Bonds
Section 1-1429 - Bond Anticipation Notes
Section 1-1430 - Conveyance of Title and Release of Collateral