Md. Code, Financial Institutions § 3-511
Md. Code, Financial Institutions § 3-511
in effect(a) A trust company may invest in a common trust fund money from an account that it administers as a cofiduciary if the trust company:
(1) Otherwise may do so under § 3-510 of this subtitle; and
(2) First obtains the written consent of all other cofiduciaries of that account.
(b) A trust company that administers a common trust fund, in which an account held by the trust company as cofiduciary participates, is solely responsible for management and control of the fund.
(c) A cofiduciary, other than the trust company, who consents in good faith to the participation of an account in a common trust fund is not liable to the beneficiaries for the management of the fund.
(d) On receipt of the written request of a cofiduciary to do so, the trust company shall withdraw the participation of a fiduciary account in a common trust fund at the earliest date that the fund plan permits.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gfi§ion=3-511&enactments=falseFetched: 10/17/2026