(a) Each fiduciary shall be covered by a surety bond or an insurance policy of the type and in the amount of coverage determined by the State Treasurer under § 5-108 of the State Government Article, as a fiduciary of the Trust. (b) Unless a fiduciary is bonded, the fiduciary may not exercise custody or control of any assets of the Trust. (c) A fiduciary may not allow another fiduciary to act in violation of this section.
‹ Prev All Maryland sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.