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Terms Used In Maryland Code, ESTATES AND TRUSTS 15-309

  • 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.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • state: means :

    (1) a state, possession, territory, or commonwealth of the United States; or

    (2) the District of Columbia. See
This subtitle does not affect any obligation of a corporation or transfer agent with respect to estate, inheritance, succession, generation-skipping transfer, or other taxes imposed by the laws of this State.