Maryland Code, BUSINESS OCCUPATIONS AND PROFESSIONS 10-303
Terms Used In Maryland Code, BUSINESS OCCUPATIONS AND PROFESSIONS 10-303
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(b) A lawyer shall deposit trust money in an interest bearing account under this section whenever the lawyer reasonably expects that, for the period that the lawyer expects to hold the trust money, the interest that it would earn:
(1) would not exceed $50; or
(2) (i) would exceed $50; but
(ii) would not cover the cost of administering an interest bearing account on which interest is payable to the client or beneficial owner.
(c) The Administrative Office of the Courts, in consultation with the Maryland Legal Services Corporation, may waive the provisions of subsection (b) of this section with respect to a lawyer or law firm that demonstrates that it will cost the Maryland Legal Services Corporation Fund more in service charges to open and maintain an attorney trust account with the interest payable to the Maryland Legal Services Corporation Fund than will be generated in interest by the attorney trust account.
(d) (1) At least quarterly, each financial institution that has an account described under this section shall:
(i) deduct from the total interest accumulated in the account any service charge due on the account; and
(ii) pay the net interest to the Maryland Legal Services Corporation Fund.
(2) A financial institution:
(i) may not charge against the individual accounts of a lawyer any service charges for trust money in an account under this section; and
(ii) may charge the Maryland Legal Services Corporation Fund.