reglab/housing_qa huggingface dataset:
MD. Estates and Trusts Code Ann. §  15-116 (2021)
2021 Maryland Statutes|Estates and Trusts|Title 15 - Fiduciaries|Subtitle 1 - General Provisions|Section 15-116 - Contract of Insurance on Life of Grantor

    Notwithstanding any other provision of law, and except as otherwise provided in the governing instrument, the duties of a trustee regarding the acquisition, retention, or ownership of a contract of insurance on the life of the grantor of the trust, or on the lives of the grantor and the grantor’s spouse, children, or grandchildren, include a duty of loyalty and fair dealing, but do not include a duty to:         (1)    Determine whether any contract of life insurance in the trust is or remains a proper investment;        (2)    Diversify the investment; or        (3)    Exercise any policy options, rights, or privileges available under any contract of life insurance in the trust, including any right to borrow the cash value or reserve of the policy, acquire a paid-up policy, or convert to a different policy.
MD. Estates and Trusts Code Ann. §  15-1A-01 (2021)
2021 Maryland Statutes|Estates and Trusts|Title 15 - Fiduciaries|Subtitle 1A - Successor Corporate Fiduciaries|Section 15-1A-01 - Definitions

    (a)    In this subtitle the following words have the meanings indicated.    (b)    “Bank” has the meaning stated in 12 U.S.C. § 1841(c).    (c)    “Bank holding company” has the meaning stated in 12 U.S.C. § 1841(a).    (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.        (2)    “Beneficiary” includes:            (i)    If the beneficiary is a minor, the beneficiary’s natural or legal guardian; or            (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.    (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.    (f)    “Corporate fiduciary” means:        (1)    A bank;        (2)    A trust company; or        (3)    Any other corporate entity that is authorized to act as a fiduciary under the laws of this State.    (g)    “Fiduciary” includes:        (1)    A trustee;        (2)    An executor or executrix;        (3)    A personal representative;        (4)    A receiver;        (5)    A special administrator;        (6)    A guardian;        (7)    A conservator;        (8)    A committee;        (9)    A custodian under the Maryland Uniform Transfers to Minors Act; and        (10)    Any other person who has a fiduciary relationship the responsibilities of which are customarily performed by a corporate fiduciary.    (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:        (1)    A merger or consolidation of corporate fiduciaries;        (2)    The acquisition of the stock or assets of a corporate fiduciary by another corporate fiduciary;        (3)    The transfer by a corporate fiduciary of its trust and fiduciary business to another corporate fiduciary; or        (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.    (i)    “Trust company” has the meaning stated in § 1-101 of this article.
MD. Estates and Trusts Code Ann. §  15-1A-02 (2021)
2021 Maryland Statutes|Estates and Trusts|Title 15 - Fiduciaries|Subtitle 1A - Successor Corporate Fiduciaries|Section 15-1A-02 - Substitution Generally

    (a)    Subject to the provisions of § 15-1A-04(d)(2) of this subtitle, a successor fiduciary shall be substituted as a fiduciary for its predecessor corporate fiduciary, immediately upon the adoption of a corporate resolution by both the successor fiduciary and the predecessor corporate fiduciary providing for the substitution.    (b)    A successor fiduciary shall have all the rights, powers, duties, and obligations of the predecessor corporate fiduciary.    (c)    The successor fiduciary shall be deemed named as fiduciary in any writing, including a will, trust, court order, or similar document or instrument that names the predecessor corporate fiduciary as fiduciary, whether executed before or after the successor fiduciary is substituted, unless the writing expressly provides otherwise.
MD. Estates and Trusts Code Ann. §  15-1A-03 (2021)
2021 Maryland Statutes|Estates and Trusts|Title 15 - Fiduciaries|Subtitle 1A - Successor Corporate Fiduciaries|Section 15-1A-03 - Qualifications; Joint and Several Liability

    (a)    For purposes of qualifying as a fiduciary with respect to a capital requirement, a corporate fiduciary may attribute to its capital and surplus the capital and surplus of any:        (1)    Bank, trust company, or bank holding company of which it is a direct or indirect subsidiary or affiliate; or        (2)    Corporation with its principal office in this State if the corporate fiduciary is:            (i)    A trust company as defined under § 1-101 of this article; and            (ii)    A wholly owned subsidiary of the corporation.    (b)    When a successor fiduciary qualifies under this section, the following entities shall be jointly and severally liable with the successor fiduciary for claims against the successor fiduciary when acting in its fiduciary capacity:        (1)    Any bank, trust company, or bank holding company of which a successor fiduciary is a direct or indirect subsidiary or affiliate; or        (2)    Any corporation described in subsection (a) of this section with respect to a corporate fiduciary acting as a successor fiduciary.
MD. Estates and Trusts Code Ann. §  15-1A-05 (2021)
2021 Maryland Statutes|Estates and Trusts|Title 15 - Fiduciaries|Subtitle 1A - Successor Corporate Fiduciaries|Section 15-1A-05 - Removal

    In addition to the provisions for removal under § 15-1A-04(d) of this subtitle, removal of a corporate fiduciary is subject to all other laws of this State affecting removal of fiduciaries and to any agreement that designates the predecessor corporate fiduciary as the corporate fiduciary of the trust, estate, or fund.
MD. Estates and Trusts Code Ann. §  15-201 (2021)
2021 Maryland Statutes|Estates and Trusts|Title 15 - Fiduciaries|Subtitle 2 - Maryland Uniform Fiduciaries Act|Section 15-201 - Definitions

    (a)    In this subtitle the following words have the meanings indicated.    (b)    “Bank” includes any person or association of persons, whether incorporated or not, carrying on the business of banking.    (c)    “Fiduciary” includes a trustee under any trust expressed, implied, resulting or constructive, executor, administrator, guardian, conservator, curator, receiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent, officer of a corporation, public or private, public officer, or any other person acting in a fiduciary capacity for any person, trust, or estate.    (d)    “Person” includes an individual, a corporation, government or governmental subdivision or agency, business trust, statutory trust, estate, trust, partnership or association, two or more persons having a joint or common interest, or any other legal or commercial entity.    (e)    “Principal” includes any person to whom a fiduciary as such owes an obligation.
MD. Estates and Trusts Code Ann. §  15-202 (2021)
2021 Maryland Statutes|Estates and Trusts|Title 15 - Fiduciaries|Subtitle 2 - Maryland Uniform Fiduciaries Act|Section 15-202 - Application of Payments Made to Fiduciaries

    (a)    A person who in good faith pays or transfers to a fiduciary any money or other property which the fiduciary is authorized to receive, is not responsible for the proper application of the money or property by the fiduciary.    (b)    A right or title to money or other property acquired from a fiduciary in consideration of payment or transfer is not invalid in consequence of a misapplication by the fiduciary.
MD. Estates and Trusts Code Ann. §  15-203 (2021)
2021 Maryland Statutes|Estates and Trusts|Title 15 - Fiduciaries|Subtitle 2 - Maryland Uniform Fiduciaries Act|Section 15-203 - Transfer of Negotiable Instrument by Fiduciary

    (a)    Except as provided in subsection (b) of this section, if any negotiable instrument payable or indorsed to a fiduciary is indorsed by the fiduciary, or if any negotiable instrument payable or indorsed to the fiduciary’s principal is indorsed by a fiduciary empowered to indorse the instrument on behalf of the principal, the indorsee is not bound to inquire whether the fiduciary is committing a breach of the obligation as fiduciary in indorsing or delivering the instrument, and is not chargeable with notice that the fiduciary is committing a breach of the obligation as fiduciary unless the indorsee takes the instrument with actual knowledge of the breach or with knowledge of the facts that the action of the indorsee in taking the instrument amounts to bad faith.    (b)    If an instrument is transferred by the fiduciary in payment of or as security for a personal debt of the fiduciary to the actual knowledge of the creditor, or is transferred in any transaction known by the transferee to be for the personal benefit of the fiduciary, the creditor or other transferee is liable to the principal if the fiduciary in fact commits a breach of the obligation as fiduciary in transferring the instrument.
MD. Estates and Trusts Code Ann. §  15-204 (2021)
2021 Maryland Statutes|Estates and Trusts|Title 15 - Fiduciaries|Subtitle 2 - Maryland Uniform Fiduciaries Act|Section 15-204 - Check Drawn by Fiduciary Payable to Third Person

    (a)    Except as provided in subsection (b) of this section, if a check or other bill of exchange is drawn by a fiduciary or in the name of the fiduciary’s principal by a fiduciary empowered to draw the instrument in the name of the principal, the payee is not bound to inquire whether the fiduciary is committing a breach of the obligation as fiduciary in drawing or delivering the instrument, and is not chargeable with notice that the fiduciary is committing a breach of the obligation as fiduciary unless the payee takes the instrument with actual knowledge of the breach or with knowledge of the facts that the action of the payee in taking the instrument amounts to bad faith.    (b)    If an instrument is payable to a personal creditor of the fiduciary and delivered to the creditor in payment of or as security for a personal debt of the fiduciary to the actual knowledge of the creditor, for the personal benefit of the fiduciary, the creditor or other payee is liable to the principal if the fiduciary in fact commits a breach of the obligation as fiduciary in drawing or delivering the instrument.
MD. Estates and Trusts Code Ann. §  15-205 (2021)
2021 Maryland Statutes|Estates and Trusts|Title 15 - Fiduciaries|Subtitle 2 - Maryland Uniform Fiduciaries Act|Section 15-205 - Check Drawn by and Payable to Fiduciary

    If a check or other bill of exchange is drawn by a fiduciary or in the name of the fiduciary’s principal by a fiduciary empowered to draw the instrument in the name of the principal, payable to the fiduciary personally, or payable to a third person and transferred by the third person to the fiduciary, and is thereafter transferred by the fiduciary, whether in payment of a personal debt of the fiduciary or otherwise, the transferee is not bound to inquire whether the fiduciary is committing a breach of the obligation as fiduciary in transferring the instrument, and is not chargeable with notice that the fiduciary is committing a breach of the obligation as fiduciary unless the transferee takes the instrument with actual knowledge of the breach or with knowledge of the facts that the action of the transferee in taking the instrument amounts to bad faith.
MD. Estates and Trusts Code Ann. §  15-206 (2021)
2021 Maryland Statutes|Estates and Trusts|Title 15 - Fiduciaries|Subtitle 2 - Maryland Uniform Fiduciaries Act|Section 15-206 - Deposit in Name of Fiduciary as Such

    (a)    Except as provided in subsection (b) of this section, if a deposit is made in a bank to the credit of a fiduciary, the bank is authorized to pay the amount of the deposit or any part of it on the check of the fiduciary, signed with the name in which the deposit is entered, without being liable to the principal, unless the bank pays the check with actual knowledge that the fiduciary is committing a breach of the obligation as fiduciary in drawing the check or with knowledge of the facts that the action of the bank in paying the check amounts to bad faith.    (b)    If a check is payable to the drawee bank and is delivered to the bank in payment of or as security for a personal debt of the fiduciary to it, the bank is liable to the principal if the fiduciary in fact commits a breach of the obligation as fiduciary in drawing or delivering the check.
MD. Estates and Trusts Code Ann. §  15-207 (2021)
2021 Maryland Statutes|Estates and Trusts|Title 15 - Fiduciaries|Subtitle 2 - Maryland Uniform Fiduciaries Act|Section 15-207 - Deposit in Name of Principal

    (a)    Except as provided in subsection (b) of this section, if a check is drawn on the bank account of the principal of a fiduciary by a fiduciary who is empowered to draw checks on the account of the principal, the bank is authorized to pay the check without being liable to the principal, unless the bank pays the check with actual knowledge that the fiduciary is committing a breach of the obligation as fiduciary in drawing the check, or with knowledge of the facts that the action of the bank in paying the check amounts to bad faith.    (b)    If a check is payable to the drawee bank and is delivered to the bank in payment of or as security for a personal debt of the fiduciary to it, the bank is liable to the principal if the fiduciary in fact commits a breach of the obligation as fiduciary in drawing or delivering the check.
MD. Estates and Trusts Code Ann. §  15-208 (2021)
2021 Maryland Statutes|Estates and Trusts|Title 15 - Fiduciaries|Subtitle 2 - Maryland Uniform Fiduciaries Act|Section 15-208 - Deposit in Personal Account of Fiduciary

    (a)    This section applies if a fiduciary makes a deposit in a bank to the fiduciary’s personal credit of:        (1)    Checks drawn by the fiduciary on an account in the name of the fiduciary as fiduciary;        (2)    Checks payable to the fiduciary as fiduciary;        (3)    Checks drawn by the fiduciary on an account in the name of the fiduciary’s principal, if the fiduciary is empowered to draw checks on the account;        (4)    Checks payable to the principal of a fiduciary and indorsed by the fiduciary, if the fiduciary is empowered to indorse the checks; or        (5)    Other funds held by the fiduciary as fiduciary.    (b)    A bank receiving a deposit in accordance with subsection (a) of this section may not be bound to inquire whether the fiduciary is committing a breach of the obligation as fiduciary and is authorized to pay the amount of the deposit or any part of the deposit on the personal check of the fiduciary without being liable to the principal, unless the bank receives the deposit or pays the check with actual knowledge that the fiduciary is committing a breach of the obligation as fiduciary in making the deposit or in drawing the check, or with knowledge of the facts that the action of the bank in receiving the deposit or paying the check amounts to bad faith.
MD. Estates and Trusts Code Ann. §  15-209 (2021)
2021 Maryland Statutes|Estates and Trusts|Title 15 - Fiduciaries|Subtitle 2 - Maryland Uniform Fiduciaries Act|Section 15-209 - Cases Not Provided for in Article

    In any case not provided for in this subtitle the rules of law and equity, including the law merchant and those rules of law and equity relating to trusts, agency, negotiable instruments, and banking, shall continue to apply.
MD. Estates and Trusts Code Ann. §  15-210 (2021)
2021 Maryland Statutes|Estates and Trusts|Title 15 - Fiduciaries|Subtitle 2 - Maryland Uniform Fiduciaries Act|Section 15-210 - Uniformity of Interpretation

    The Maryland Uniform Fiduciaries Act shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which adopt it.
MD. Estates and Trusts Code Ann. §  15-211 (2021)
2021 Maryland Statutes|Estates and Trusts|Title 15 - Fiduciaries|Subtitle 2 - Maryland Uniform Fiduciaries Act|Section 15-211 - Short Title

    This subtitle may be cited as the Maryland Uniform Fiduciaries Act.
MD. Estates and Trusts Code Ann. §  15-301 (2021)
2021 Maryland Statutes|Estates and Trusts|Title 15 - Fiduciaries|Subtitle 3 - Maryland Uniform Act for the Simplification of Fiduciary Security Transfers|Section 15-301 - Definitions

    (a)    In this subtitle the following words have the meanings indicated.    (b)    “Assignment” includes any written stock power, bond power, bill of sale, deed, declaration of trust, or other instrument of transfer.    (c)    “Claims” includes a claim of any interest by a legatee of a decedent, distributee, heir, or creditor, a beneficiary under a trust, a ward, a beneficial owner of a security registered in the name of a nominee, or a minor owner of a security registered in the name of a custodian, or a claim of any similar interest, whether the claim is asserted by the claimant or by a fiduciary or by any other authorized person on behalf of the claimant, and includes a claim that the transfer would be in breach of fiduciary duties.    (d)    “Corporation” means a private or public corporation, association or trust issuing a security.    (e)    “Fiduciary” means an executor, administrator, trustee, guardian, committee, conservator, curator, tutor, custodian, or nominee.    (f)    “Person” includes an individual, a corporation, government or governmental subdivision or agency, business trust, statutory trust, estate, trust, partnership or association, two or more persons having a joint or common interest, or any other legal or commercial entity.    (g)    “Security” includes any share of stock, bond, debenture, note, or other security issued by a corporation which is registered as to ownership on the books of the corporation.    (h)    “Transfer” means a change on the books of a corporation in the registered ownership of a security.    (i)    “Transfer agent” means a person employed or authorized by a corporation to transfer securities issued by the corporation.
MD. Estates and Trusts Code Ann. §  15-302 (2021)
2021 Maryland Statutes|Estates and Trusts|Title 15 - Fiduciaries|Subtitle 3 - Maryland Uniform Act for the Simplification of Fiduciary Security Transfers|Section 15-302 - Corporation or Transfer Agent Registering Security in Name of Fiduciary Not Required to Make Inquiry

    A corporation or transfer agent registering a security in the name of a person who is a fiduciary or who is described as a fiduciary:        (1)    Is not bound to inquire into the existence, extent, or correct description of the fiduciary relationship; and        (2)    May assume without inquiry that the newly registered owner continues to be the fiduciary until the corporation or transfer agent receives written notice that the fiduciary is no longer acting as the fiduciary with respect to the particular security.
MD. Estates and Trusts Code Ann. §  15-303 (2021)
2021 Maryland Statutes|Estates and Trusts|Title 15 - Fiduciaries|Subtitle 3 - Maryland Uniform Act for the Simplification of Fiduciary Security Transfers|Section 15-303 - Corporation or Transfer Agent Making Transfer of Security Pursuant to Assignment by Fiduciary -- Assumptions Generally

    Except as otherwise provided in this subtitle, a corporation or transfer agent making a transfer of a security pursuant to an assignment by a fiduciary:        (1)    May assume without inquiry that the assignment, even though to the fiduciary or to a nominee of the fiduciary, is within the authority and capacity of the fiduciary and is not in breach of the duties of the fiduciary;        (2)    May assume without inquiry that the fiduciary has complied with any controlling instrument and with the law of the jurisdiction governing the fiduciary relationship, including any law requiring the fiduciary to obtain court approval of the transfer; and        (3)    Is not charged with notice of and is not bound to obtain or examine any court record or any recorded or unrecorded document relating to the fiduciary relationship or the assignment, even though the record or document is in its possession.
MD. Estates and Trusts Code Ann. §  15-304 (2021)
2021 Maryland Statutes|Estates and Trusts|Title 15 - Fiduciaries|Subtitle 3 - Maryland Uniform Act for the Simplification of Fiduciary Security Transfers|Section 15-304 - Evidence Required When Fiduciary Not Registered Owner

    (a)    A corporation or transfer agent making a transfer pursuant to an assignment by a fiduciary who is not the registered owner shall obtain the following evidence of appointment or incumbency:        (1)    In the case of a fiduciary appointed or qualified by a court, a certificate issued by or under the direction or supervision of that court or an officer thereof and dated within 60 days before the transfer; or        (2)    In any other case, a copy of a document showing the appointment or a certificate issued by or on behalf of a person reasonably believed by the corporation or transfer agent to be responsible or, in the absence of such a document or certificate, other evidence reasonably deemed by the corporation or transfer agent to be appropriate.    (b)    A corporation or transfer agent may adopt standards with respect to evidence of appointment or incumbency under subsection (a) of this section if the standards are not manifestly unreasonable.    (c)    Neither the corporation nor transfer agent is charged with notice of the contents of a document obtained pursuant to this section except to the extent that the contents relate directly to the appointment or incumbency.
MD. Estates and Trusts Code Ann. §  15-305 (2021)
2021 Maryland Statutes|Estates and Trusts|Title 15 - Fiduciaries|Subtitle 3 - Maryland Uniform Act for the Simplification of Fiduciary Security Transfers|Section 15-305 - Claim of Beneficial Interest Adverse to Transfer of Security Pursuant to Assignment by Fiduciary

    (a)    (1)    A person asserting a claim of beneficial interest adverse to the transfer of a security pursuant to an assignment by a fiduciary may give the corporation or transfer agent written notice of the claim.        (2)    A corporation or transfer agent is not put on notice unless the written notice identifies the claimant, the registered owner, and the issue of which the security is a part, provides an address for communications directed to the claimant and is received before the transfer.        (3)    Nothing in this subtitle relieves the corporation or transfer agent of any liability for making or refusing to make the transfer after it is so put on notice, unless it proceeds in the manner authorized in subsection (b) of this section.    (b)    (1)    As soon as practicable after the presentation of a security for transfer pursuant to an assignment by a fiduciary, a corporation or transfer agent which has received notice of a claim of beneficial interest adverse to the transfer may send notice of the presentation by registered or certified mail to the claimant at the address given by the claimant.        (2)    If a corporation or transfer agent mails a notice as authorized under paragraph (1) of this subsection, the corporation or transfer agent shall withhold the transfer for 30 days after the mailing and shall then make the transfer unless restrained by a court order.