Maryland Code, ESTATES AND TRUSTS 15-1A-01
Terms Used In Maryland Code, ESTATES AND TRUSTS 15-1A-01
- Administrator: includes an executor and a personal representative. See
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Executrix: The female counterpart of an executor. See also
- Fiduciary: A trustee, executor, or administrator.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- including: means includes or including by way of illustration and not by way of limitation. See
- minor: means an individual under the age of 18 years. See
- 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
- Personal representative: includes an administrator and an executor. See
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See - Statute: A law passed by a legislature.
- Trustee: A person or institution holding and administering property in trust.
(b) “Bank” has the meaning stated in 12 U.S.C. § 1841(c).
(c) “Bank holding company” has the meaning stated in 12 U.S.C. § 1841(a).
(d) (1) “Beneficiary” means a person who receives or is entitled as a matter of right to receive a current distribution of principal or income from a trust, estate, or fund with respect to which a substitution of a corporate fiduciary is made under this subtitle.
(2) “Beneficiary” includes:
(i) If the beneficiary is a minor, the beneficiary’s natural or legal guardian; or
(ii) If the beneficiary is a disabled person, as defined in § 13-101 of this article, any person acting on behalf of the beneficiary under a guardianship, conservatorship, or committee.
(e) “Capital requirement” means a provision in any court order, statute, regulation, or writing, including a will, trust, or similar document or instrument, that requires a fiduciary to have a specified minimum amount of capital or capital and surplus.
(f) “Corporate fiduciary” means:
(1) A bank;
(2) A trust company; or
(3) Any other corporate entity that is authorized to act as a fiduciary under the laws of this State.
(g) “Fiduciary” includes:
(1) A trustee;
(2) An executor or executrix;
(3) A personal representative;
(4) A receiver;
(5) A special administrator;
(6) A guardian;
(7) A conservator;
(8) A committee;
(9) A custodian under the Maryland Uniform Transfers to Minors Act; and
(10) Any other person who has a fiduciary relationship the responsibilities of which are customarily performed by a corporate fiduciary.
(h) “Successor fiduciary” means a corporate fiduciary that is substituted for another corporate fiduciary under the provisions of § 15-1A-02 of this subtitle, by reason of:
(1) A merger or consolidation of corporate fiduciaries;
(2) The acquisition of the stock or assets of a corporate fiduciary by another corporate fiduciary;
(3) The transfer by a corporate fiduciary of its trust and fiduciary business to another corporate fiduciary; or
(4) The acquisition or formation by a corporate fiduciary of a subsidiary, which is itself a corporate fiduciary, in order to undertake the trust and fiduciary business of the subsidiary’s parent entity.
(i) “Trust company” has the meaning stated in § 1-101 of this article.