Md. Code, Financial Institutions § 3-518
This is the official text of Md. Code, Financial Institutions § 3-518, part of Maryland’s Code, Financial Institutions — regulates banks and lenders.
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§3–518.
Official statutory text
(a) A trust company may register in the name of a nominee any assets of a common trust fund that it administers.
(b) The nominee may be either an individual or a partnership.
(c) A trust company that registers assets in the name of a nominee shall:
(1) Show the assets and the name of the nominee on its records; and
(2) If the nominee is operated or controlled by the trust company, supervise any possession or control of the assets by the nominee.
(d) A transfer agent or registrar of a corporation whose stocks, bonds, securities, or other obligations are registered in the name of a nominee under this section is not required to investigate and may not be held liable for treating the nominee as the owner of the assets.
(b) The nominee may be either an individual or a partnership.
(c) A trust company that registers assets in the name of a nominee shall:
(1) Show the assets and the name of the nominee on its records; and
(2) If the nominee is operated or controlled by the trust company, supervise any possession or control of the assets by the nominee.
(d) A transfer agent or registrar of a corporation whose stocks, bonds, securities, or other obligations are registered in the name of a nominee under this section is not required to investigate and may not be held liable for treating the nominee as the owner of the assets.
Status: in_force · Read it on the official government site
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