(a) In this Part I of this subtitle the following words have the meanings indicated.
(b) “Beneficial owner” means a person, other than the owner of the trust money, for whose benefit a real estate broker or, on behalf of a real estate broker, an associate real estate broker or a real estate salesperson is entrusted to hold trust money.
(c) “Trust money” means a deposit, payment, or other money that a person entrusts to a real estate broker or, on behalf of a real estate broker, to an associate real estate broker or a real estate salesperson to hold for:
(1) the benefit of the owner or beneficial owner of the trust money; and
(2) a purpose that relates to a real estate transaction involving real estate in the State.
Structure Maryland Statutes
Business Occupations and Professions
Title 17 - Real Estate Brokers
Subtitle 5 - Miscellaneous Provisions
Section 17-502 - Handling of Trust Money
Section 17-503 - Authorized Financial Institutions
Section 17-504 - Authorized Accounts
Section 17-505 - Maintenance and Disposition of Trust Money