Md. Code Ann., Educ. § 18-1908
Bond requirements for fiduciaries
Effective Jun 1, 2024Added by Acts 1997, c. 110, § 1, eff. July 1, 1997; Acts 1997, c. 111, § 1, eff. July 1, 1997. Amended by Acts 1997, c. 31, § 10, eff. Oct. 1, 1997; Acts 2003, c. 381, § 1, eff. July 1, 2003; Acts 2003, c. 382, § 1, eff. July 1, 2003; Acts 2023, c. 113, § 1, eff. June 1, 2023; Acts 2024, c. 437, § 1, eff. June 1, 2024; Acts 2024, c. 438, § 1, eff. June 1, 2024.State of Maryland
- (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.
Added by Acts 1997, c. 110, § 1, eff. July 1, 1997; Acts 1997, c. 111, § 1, eff. July 1, 1997. Amended by Acts 1997, c. 31, § 10, eff. Oct. 1, 1997; Acts 2003, c. 381, § 1, eff. July 1, 2003; Acts 2003, c. 382, § 1, eff. July 1, 2003; Acts 2023, c. 113, § 1, eff. June 1, 2023; Acts 2024, c. 437, § 1, eff. June 1, 2024; Acts 2024, c. 438, § 1, eff. June 1, 2024.