State Codes and Statutes
Statutes > Maryland > Financial-institutions > Title-3 > Subtitle-5 > 3-514§ 3-514. Evidence of participation in fund.
(a) Certificate of participation.-
(1) A trust company that administers a common trust fund may issue a certificate of participation for each participating account.
(2) A certificate of participation is not assignable and may not be issued in any form that purports to be negotiable or assignable.
(b) Statement of officer.- In any report or accounting required from the trust company by law, a statement that is signed and verified by one of its officers as to the existence, extent, and value of a participation in a common trust fund that it administers may be accepted as evidence of those facts by any court, trust clerk, or supervisory authority.
[An. Code 1957, art. 11, § 62; 1980, ch. 33, § 2.]
