Maryland Code, FINANCIAL INSTITUTIONS 3-207
Terms Used In Maryland Code, FINANCIAL INSTITUTIONS 3-207
- Bequest: Property gifted by will.
- 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.
- Devise: To gift property by will.
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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 property: All property that is not real property.
- 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 - Trustee: A person or institution holding and administering property in trust.
(1) Receive deposits of money, securities, and other personal property from any person;
(2) Act as the agent of any foreign or Maryland corporation for any lawful purpose;
(3) Act as the fiscal or transfer agent of any state, any political subdivision of any state, or any corporation;
(4) Accept and execute any trust and any powers that are conferred on or entrusted to it in any manner, including any grant, assignment, transfer, devise, or bequest by any person or by order of a court;
(5) Accept and hold trust property;
(6) Act as trustee under a mortgage or bond issue of a corporation or political subdivision;
(7) Act as personal representative of the estate of any deceased individual; and
(8) Act as guardian, receiver, or trustee of the estate of any person under order or appointment of a court and as depositary of money paid to the court for the benefit of the person.