420 ARTICLE 11

An. Code, 1924, sec. 47. 1912, sec. 47. 1910, ch. 219, sec. 46 (p. 21).

59. When any such corporation is appointed executor in any last will
and testament, the court or officer authorized to grant letters testamentary
in this State shall, upon the proper application, grant letters testamentary
thereon to such corporation. When application is made to any court or
officer having authority to grant letters of administration with the will
annexed upon the estate of any deceased person, and there is no person
entitled to such letters who is qualified, competent, willing and able to
accept such administration, such court or officer may, at the request of any
party interested in the estate, grant such letters of administration, with
the will annexed, to any such corporation. Any court or officer having
authority to grant letters of guardianship of any infant, may, upon the
same application as is required by law for the appointment of a guardian
of such infant, appoint any such corporation as guardian of the estate of
such infant. Any court having jurisdiction to appoint a trustee, guardian,
receiver or committee of the estate of a lunatic, idiot or habitual drunkard,
or to make any fiduciary appointment, may appoint any such corporation
to be such guardian, trustee, receiver or committee, or to act in any other
fiduciary capacity. Any court into which moneys may be paid by parties,
or be brought by order of judgment, may, by order, direct the same to be
deposited with any such corporation.

As to fiduciary, see art. 37A.

The provisions of secs. 58-60 have no application unless trust company has been
appointed trustee or other fiduciary by virtue of jurisdiction of the court. Ghingher v.
O'Connell, 165 Md. 271.

See notes to sec. 58.

Public funds deposited with a trust company without authority of law, although
impressed with a trust in favor of the county and the trustee held them for its use as
a trustee ex maleficio, are not preferred in distribution of assets in case of insolvency.
Frederick Co. v. Page, 163 Md. 619.

The preference given by this section only applies to executors and testamentary
guardians and to fiduciaries appointed by the court and not to voluntary trusts. Iron &
Steel Co. v. Page, 165 Md. 212; Ghingher v. O'Connell, 165 Md. 271; Melville v. Page,
165 Md. 599.

Debt must be due by corporation in fiduciary capacity to entitle it to preference.
Terminals Co. v. Hospelhorn, 172 Md. 297.

Beneficiaries of corporate trustee, a trust company, appointed by deed and not by
court, not entitled to preference upon dissolution or insolvency of trust company.
Corbett v. Hospelhorn, 172 Md. 257.

When fund deposited with trust department of trust company to. be repaid to de-
positor or to be paid another in case of breach of agreement, interest being paid at
named rate, held that fund was held by trust company as bank and not as trustee and
depositor was not entitled to priority on insolvency of trust company. Sand & Gravel
Corp. v. Hospelhorn, 172 Md. 279.

(The cases as to preference relate to sec. 48, 1924 Code, repealed by 1939, ch. 308.)

An. Code, 1924, sec. 49. 1912, sec. 49. 1910, ch. 219, sec. 48 (p. 22).

60. Upon the appointment of such corporation as executor, administra-
tor, guardian, trustee, receiver or committee, as provided by this article, no
official oath shall be required from such corporation or trust company.

The provisions of secs. 58-60 have no application unless trust company has been
appointed trustee or other fiduciary by virtue of jurisdiction of the court. Ghingher v.
O'Connell, 165 Md. 271.

An. Code, 1924, sec. 50. 1912, sec. 50. 1910, ch. 219, sec. 49 (p, 23). 1914, ch. 805, sec. 49.
1931, ch. 294, sec. 50. 1933, ch. 313. 1933 (Special Sess.), ch. 14.

61. The affairs of every such corporation shall be managed and its
corporate powers exercised by a board of directors of such number, not