Maryland Statutes
Subtitle 5 - Common Trust Funds
Section 3-511 - Cofiduciaries

(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.

Structure Maryland Statutes