644

LAWS OF MARYLAND.

SEC. 13. And be it enacted. That said company may receive on

storage, deposit or otherwise, merchandise, specie, plate, bullion,

stocks, promissory notes, certificates and evidences of debt, con-

May re-

tracts and all other personal properties whatsoever, and custody

ceive on

of real and personal estates and securities, and advance money

deposit.

thereon on such terms as may be established or approved by said

company; that in all cases in which public officers or municipal

or private corporations are authorized to deposit money, stock,

bonds or evidences of debt, such deposits by such officers or cor-

porations may be made with said company.

SEC. 14. And be it enacted, That it shall be lawful for said

company to sell at public auction or private sale in its discretion,

all property whatsoever mentioned or specified in any contract or

agreement between the company and other parties, after ten days

have elapsed from the time of maturity of any obligation under

To sell

said contract or agreement, or immediately upon the discovery of

any fraud, misrepresentation or concealment in regard to the owner-

ships or otherwise which jeopardize the rights of the company or

its security, and to re-imburse itself the money due it with interest,

storage, costs and charges, and to indemnify itself for any loss

sustained by reason of such misrepresentation, fraud or conceal-

ment as aforesaid.

SEC. 15. And be it enacted, That said company shall have power

To deter-

and authority to provide rules, regulations, by-laws or otherwise,

mine.

and to determine all matters of arbitrament or award referred or

submitted to it by order of any court or agreement of parties in

interest whatsoever, upon such terms as may be agreed upon by

said courts or said parties.

SEC. 16. And be it enacted, That any and every court of any

Courts

State into which moneys may be paid or deposited by agreement

may order
deposit.

of parties, order, judgment or decree of such court, may order or

direct the same to be deposited with said company; said company

is authorized to collect incomes of estates, to act as executor,

guardian, administrator, assignee or receiver, and to take custody

of wills and all legal documents.

SEC. 17. And be it enacted, That whenever the said company

shall be appointed assignee, receiver, guardian, committee, trustee,

executor or administrator, or whenever deposits of moneys or of

valuables of any kind shall be made with said company the capi-

Security.

tal stock as subscribed for and its property and all effects taken

shall be taken and considered as the security required by law for

the faithful performance of its duties, and shall be absolutely

liable, and no bond or other security shall be required from it

unless the court making the appointment shall otherwise order,

and in case of dissolution by a court of equity or law or other-

wise, the debts, dues, moneys and obligations due from it shall

have preference.