Md. Code Ann., Real Prop. § 10-301.2
Deposit and investment of trust moneys
Effective Jul 1, 2011Added as Real Property § 10-301.1 by Acts 1985, c. 732, § 1. Amended by Acts 1987, c. 309; Acts 1995, c. 58, § 2, eff. Oct. 1, 1995; Acts 1998, c. 144, § 1, eff. Oct. 1, 1998. Renumbered as Real Property § 10-301.2 by Acts 2011, c. 450, § 1, eff. July 1, 2011; Acts 2011, c. 451, § 1, eff. July 1, 2011; Acts 2015, c. 22, § 5.State of Maryland
(a) A vendor or builder may deposit trust money in:
- (1) A noninterest bearing checking account;
- (2) One or more savings accounts; or
- (3) Any combination of accounts in any bank or savings and loan association authorized by federal or State law to do business in the State.
- (b) Trust money in the hands of the vendor or builder may be invested in any other investment vehicle specified by the client or beneficial owner or as they and the licensee may agree.
Added as Real Property § 10-301.1 by Acts 1985, c. 732, § 1. Amended by Acts 1987, c. 309; Acts 1995, c. 58, § 2, eff. Oct. 1, 1995; Acts 1998, c. 144, § 1, eff. Oct. 1, 1998. Renumbered as Real Property § 10-301.2 by Acts 2011, c. 450, § 1, eff. July 1, 2011; Acts 2011, c. 451, § 1, eff. July 1, 2011; Acts 2015, c. 22, § 5.