{"data":{"id":"us-md/md.-code-estates-and-trusts-15-1a-01","jurisdiction":"us-md","citation":"Md. Code, Estates and Trusts § 15–1A–01","heading":"","body":"(a) In this subtitle the following words have the meanings indicated.\n(b) “Bank” has the meaning stated in 12 U.S.C. § 1841(c).\n(c) “Bank holding company” has the meaning stated in 12 U.S.C. § 1841(a).\n(d) (1) “Beneficiary” means a person who receives or is entitled as a matter of right to receive a current distribution of principal or income from a trust, estate, or fund with respect to which a substitution of a corporate fiduciary is made under this subtitle.\n(2) “Beneficiary” includes:\n(i) If the beneficiary is a minor, the beneficiary’s natural or legal guardian; or\n(ii) If the beneficiary is a disabled person, as defined in § 13-101 of this article, any person acting on behalf of the beneficiary under a guardianship, conservatorship, or committee.\n(e) “Capital requirement” means a provision in any court order, statute, regulation, or writing, including a will, trust, or similar document or instrument, that requires a fiduciary to have a specified minimum amount of capital or capital and surplus.\n(f) “Corporate fiduciary” means:\n(1) A bank;\n(2) A trust company; or\n(3) Any other corporate entity that is authorized to act as a fiduciary under the laws of this State.\n(g) “Fiduciary” includes:\n(1) A trustee;\n(2) An executor or executrix;\n(3) A personal representative;\n(4) A receiver;\n(5) A special administrator;\n(6) A guardian;\n(7) A conservator;\n(8) A committee;\n(9) A custodian under the Maryland Uniform Transfers to Minors Act; and\n(10) Any other person who has a fiduciary relationship the responsibilities of which are customarily performed by a corporate fiduciary.\n(h) “Successor fiduciary” means a corporate fiduciary that is substituted for another corporate fiduciary under the provisions of § 15-1A-02 of this subtitle, by reason of:\n(1) A merger or consolidation of corporate fiduciaries;\n(2) The acquisition of the stock or assets of a corporate fiduciary by another corporate fiduciary;\n(3) The transfer by a corporate fiduciary of its trust and fiduciary business to another corporate fiduciary; or\n(4) The acquisition or formation by a corporate fiduciary of a subsidiary, which is itself a corporate fiduciary, in order to undertake the trust and fiduciary business of the subsidiary’s parent entity.\n(i) “Trust company” has the meaning stated in § 1-101 of this article.","path":["Article - Estates and Trusts"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=get\u0026section=15-1A-01","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:58:07Z","sha256":"d90d078a130bf7300b37ad3b6a75d257f177d3820834e003da0c0f348fcda3ae","source_id":"us-md","stale":false,"prev":"us-md/md.-code-estates-and-trusts-15-116","next":"us-md/md.-code-estates-and-trusts-15-1a-02"},"notice":"GroundRules: Original legal text. Not legal advice."}