Maryland Code, BUSINESS OCCUPATIONS AND PROFESSIONS 10-302
Terms Used In Maryland Code, BUSINESS OCCUPATIONS AND PROFESSIONS 10-302
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(b) Each attorney trust account shall be maintained at an approved financial institution, as provided in the Maryland Rules.
(c) (1) An attorney trust account may be an interest bearing or noninterest bearing account.
(2) An attorney trust account may be:
(i) a savings account;
(ii) a checking account;
(iii) an account that is subject to negotiable orders of withdrawal; or
(iv) any combination of these accounts.
(3) A lawyer who deposits trust money in a noninterest bearing account is not liable for damages that relate to the loss of interest on the trust money if the deposit is made in compliance with:
(i) the provisions of this Part I of this subtitle; and
(ii) the applicable provisions of the Maryland Rules of Professional Conduct.