(a) A fiduciary, or party of whom a bond, undertaking or other obligation is required, may agree or arrange with a surety for a general or a special deposit for safekeeping of any money, assets and other property, for which the fiduciary is or may be responsible, with a bank, savings bank, safe deposit or trust company authorized by law to do business and situate in the county in which the fiduciary’s bond is filed.
(b) A deposit shall be made in a manner as to prevent the withdrawal or alienation of money, assets, or other property, or any part of it, without the written consent of the surety, or an order of a court, made on notice to the surety as the court directs.
Structure Maryland Statutes
Subtitle 1 - General Provisions
Section 15-102 - Powers of a Fiduciary
Section 15-103 - Securities Under Reorganization
Section 15-104 - Fiduciary Authorized to Deposit Securities With Securities Clearing Corporation
Section 15-105 - Agreement of Fiduciary and Surety for Deposit of Assets
Section 15-106 - Lawful Investments
Section 15-107 - Survival of Power When Right Given One or More Fiduciaries
Section 15-108 - Protection When Distribution Made in Conformity With Order of Court
Section 15-109 - Release of Fiduciary to Whom Property Transferred by Another
Section 15-110 - Enforcement of Order to Give Countersecurity
Section 15-111 - Resignation of Fiduciary
Section 15-112 - Removal of Fiduciary
Section 15-113 - Joint and Several Liability of Trust Company Affiliates
Section 15-114 - Guidelines and Standards for Investment of Assets
Section 15-115 - Corporations That Act as Fiduciaries Not Liable as Sureties