682 LAWS OF MARYLAND. [CH. 308

banking institutions in the State of Maryland, whether
incorporated under said Article 11 or by special act,
and all accounts for funds or property for which any
such banking institution shall be responsible in any such
fiduciary capacity, shall be preferred in the distribution
of the assets of such corporation to all other debts or
liabilities of such banking institutions of any nature
whatsoever; said Section 64E providing that any bank-
ing institutions in the State of Maryland, hereafter ap-
pointed in any of the fiduciary capacities therein enum-
erated, by the order of any court, shall be required to
give bond for the faithful performance of its duties as
such under certain circumstances therein specified; and
said Section 64F providing that any banking institution
of the State of Maryland acting in any of the fiduciary
capacities therein enumerated, shall be responsible for
losses of monies or property received or held by it in any
such capacity to the same extent and in the same cases as
individuals so acting would be.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Section 48 of Article 11 of the Annotated
Code of Maryland (1935 Supplement) title "Banks and
Trust Companies", sub-title "Trust Companies", be and
the same is hereby repealed.

SEC. 2. And be it further enacted, That three new sec-
tions be and the same are hereby added to said Article 11
of the Annotated Code of Maryland (1935 Supplement)
title "Banks and Trust Companies", sub-title "General
Regulations", said new sections to be known as Section
64D, 64E and 64F respectively, to follow consecutively and
immediately after Section 64C of said Article and to read
as follows:

64D. In the event any banking institution as defined in
Section 52 of this Article, whether incorporated under this
Article or by special act, shall be acting as executor, ad-
ministrator, guardian, trustee, receiver or committee or in
any other fiduciary capacity, shall be dissolved or liquidated
by the Legislature, a court or otherwise, in voluntary or
involuntary proceedings, or in the event of its reorganiza-
tion, all debts due and owing by said banking institution
in any such fiduciary capacity, and all accounts held by any
such banking institution in an such fiduciary capacity, for
the funds or property of which it shall be responsible, shall
be preferred in the distribution of the general assets of
such banking institution to all debts and liabilities of any
nature whatsoever, including salaries and wages of em-