1. (a) In this subtitle the following words have the meanings indicated.
2. (b) “Bank” has the meaning stated in 12 U.S.C. § 1841(c).
3. (c) “Bank holding company” has the meaning stated in 12 U.S.C. § 1841(a).

4. (d)

   1. (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. (2) “Beneficiary” includes:

      1. (i) If the beneficiary is a minor, the beneficiary's natural or legal guardian; or
      2. (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.
5. (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.

6. (f) “Corporate fiduciary” means:

   1. (1) A bank;
   2. (2) A trust company; or
   3. (3) Any other corporate entity that is authorized to act as a fiduciary under the laws of this State.

7. (g) “Fiduciary” includes:

   1. (1) A trustee;
   2. (2) An executor or executrix;
   3. (3) A personal representative;
   4. (4) A receiver;
   5. (5) A special administrator;
   6. (6) A guardian;
   7. (7) A conservator;
   8. (8) A committee;
   9. (9) A custodian under the Maryland Uniform Transfers to Minors Act;¹ and
   10. (10) Any other person who has a fiduciary relationship the responsibilities of which are customarily performed by a corporate fiduciary.

8. (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. (1) A merger or consolidation of corporate fiduciaries;
   2. (2) The acquisition of the stock or assets of a corporate fiduciary by another corporate fiduciary;
   3. (3) The transfer by a corporate fiduciary of its trust and fiduciary business to another corporate fiduciary; or
   4. (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.
9. (i) “Trust company” has the meaning stated in § 1-101 of this article.

Added by Acts 1989, c. 644, § 1, eff. July 1, 1989. Amended by Acts 1990, c. 6, § 2; Acts 1991, c. 207, § 2; Acts 2001, c. 669, § 1, eff. Oct. 1, 2001.

Estates and Trusts, § 13-301 et seq.