Maryland Code, BUSINESS OCCUPATIONS AND PROFESSIONS 10-301
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Terms Used In Maryland Code, BUSINESS OCCUPATIONS AND PROFESSIONS 10-301
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
(a) In this Part I of this subtitle the following words have the meanings indicated.
(b) (1) “Attorney trust account” means an account that a lawyer or law firm maintains at a financial institution for the deposit of trust money.
(2) “Attorney trust account” includes an escrow account.
(c) “Beneficial owner” means a person, other than the client of a lawyer, for whose benefit a lawyer is entrusted to hold trust money.
(d) “Trust money” means a deposit, payment, or other money that a person entrusts to a lawyer to hold for the benefit of a client or a beneficial owner.