{"data":{"id":"us-md/md.-code-financial-institutions-1-206","jurisdiction":"us-md","citation":"Md. Code, Financial Institutions § 1–206","heading":"","body":"(a) In this section, “fiduciary deposit surety bond” means a surety bond that:\n(1) Guarantees the payment of deposited funds awaiting distribution or investment held by a financial institution in a fiduciary capacity; and\n(2) Subject to the terms and conditions of the bond, is irrevocable and absolute.\n(b) Except as provided in §§ 6-202 and 6-209 of the State Finance and Procurement Article, if applicable law requires a deposit made by a financial institution to be collateralized, the financial institution may take as collateral for the deposit, in addition to any other permissible collateral, a fiduciary deposit surety bond issued by an insurance company authorized to do business in this State, the claims-paying ability of which is rated in the highest category by at least two nationally recognized statistical rating agencies.","path":["Article - Financial Institutions"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gfi\u0026section=1-206","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:58:27Z","sha256":"f8f42c1e9b15249670d177b50f7b549949393ef977d6620a076872519987bf2d","source_id":"us-md","stale":false,"prev":"us-md/md.-code-financial-institutions-1-205","next":"us-md/md.-code-financial-institutions-1-208"},"notice":"GroundRules: Original legal text. Not legal advice."}