Maryland Code, ESTATES AND TRUSTS 15-301
Terms Used In Maryland Code, ESTATES AND TRUSTS 15-301
- Administrator: includes an executor and a personal representative. See
- 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
- 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.
- Decedent: A deceased person.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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.
- Legatee: A beneficiary of a decedent
- minor: means an individual under the age of 18 years. See
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- 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
- Trustee: A person or institution holding and administering property in trust.
(b) “Assignment” includes any written stock power, bond power, bill of sale, deed, declaration of trust, or other instrument of transfer.
(c) “Claims” includes a claim of any interest by a legatee of a decedent, distributee, heir, or creditor, a beneficiary under a trust, a ward, a beneficial owner of a security registered in the name of a nominee, or a minor owner of a security registered in the name of a custodian, or a claim of any similar interest, whether the claim is asserted by the claimant or by a fiduciary or by any other authorized person on behalf of the claimant, and includes a claim that the transfer would be in breach of fiduciary duties.
(d) “Corporation” means a private or public corporation, association or trust issuing a security.
(e) “Fiduciary” means an executor, administrator, trustee, guardian, committee, conservator, curator, tutor, custodian, or nominee.
(f) “Person” includes an individual, a corporation, government or governmental subdivision or agency, business trust, statutory trust, estate, trust, partnership or association, two or more persons having a joint or common interest, or any other legal or commercial entity.
(g) “Security” includes any share of stock, bond, debenture, note, or other security issued by a corporation which is registered as to ownership on the books of the corporation.
(h) “Transfer” means a change on the books of a corporation in the registered ownership of a security.
(i) “Transfer agent” means a person employed or authorized by a corporation to transfer securities issued by the corporation.