State Codes and Statutes
Statutes > Maryland > Financial-institutions > Title-3 > Subtitle-5 > 3-520§ 3-520. Transfer of assets from a common trust fund.
(a) Presumption of right to transfer.- A transfer agent or a transferee of an asset held in the name of a trustee of a common trust fund may presume conclusively that the trustee has an absolute right to transfer or assign the asset.
(b) Liability.-
(1) A transfer agent or a transferee of an asset held in the name of a trustee of a common trust fund is not chargeable with any duty in relation to the fund, a participating account, or any beneficiary of a participating account.
(2) A transferee of an asset held in the name of a trustee of a common trust fund is not liable for the application of any purchase money paid to the trustee.
[An. Code 1957, art. 11, § 62; 1980, ch. 33, § 2.]
