- (a) In this Part I of this subtitle the following words have the meanings indicated.
(b)
- (1) “Attorney trust account” means an account that a lawyer or law firm maintains at a financial institution for the deposit of trust money.
- (2) “Attorney trust account” includes an escrow account.
- (c) “Beneficial owner” means a person, other than the client of a lawyer, for whose benefit a lawyer is entrusted to hold trust money.
- (d) “Trust money” means a deposit, payment, or other money that a person entrusts to a lawyer to hold for the benefit of a client or a beneficial owner.
Added by Acts 1989, c. 3, § 1, eff. Oct. 1, 1989.