(a) In this subtitle the following words have the meanings indicated. (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.
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