(a) A transfer agent or a transferee of an asset held in the name of a trustee of a common trust fund may presume conclusively that the trustee has an absolute right to transfer or assign the asset.
(b) (1) A transfer agent or a transferee of an asset held in the name of a trustee of a common trust fund is not chargeable with any duty in relation to the fund, a participating account, or any beneficiary of a participating account.
(2) A transferee of an asset held in the name of a trustee of a common trust fund is not liable for the application of any purchase money paid to the trustee.
Structure Maryland Statutes
Title 3 - Banking Institutions -- Commercial Banks
Subtitle 5 - Common Trust Funds
Section 3-502 - Establishment of Fund
Section 3-503 - Powers of Trust Company
Section 3-504 - Fund Plans in General
Section 3-505 - Required Provisions for Fund Plans
Section 3-506 - Optional Provisions for Fund Plans
Section 3-507 - Optional Method of Administration
Section 3-508 - Filing of Fund Plan; Inspection; Copying
Section 3-509 - Amendment of Fund Plan
Section 3-510 - Investment in Fund
Section 3-512 - Limitations on Investments and Interests
Section 3-513 - Fund Entry and Withdrawal; Valuation; Distribution
Section 3-514 - Evidence of Participation in Fund
Section 3-515 - Fund Management; Management Fees
Section 3-516 - Valuation Dates; Audits; Special Accounting
Section 3-517 - Ownership of Assets; Records
Section 3-518 - Registration of Assets in Name of Nominee