230                                              LAWS OF MARYLAND                             [Ch. 11

ONE OR MORE CERTIFICATES OF LARGER DENOMINATION. THE
RECORDS OF THE FIDUCIARY AND THE RECORDS OF THE BANK OR
TRUST COMPANY ACTING AS CUSTODIAN, AS AGENT OR AS
CUSTODIAN FOR A FIDUCIARY SHALL SHOW AT ALL TIMES THE
NAME OF THE PARTY FOR WHOSE ACCOUNT THE SECURITIES ARE SO
DEPOSITED. TITLE TO THE SECURITIES MAY BE TRANSFERRED BY
BOOKKEEPING ENTRY ON THE BOOKS OF THE CLEARING
CORPORATION WITHOUT PHYSICAL DELIVERY OF CERTIFICATES
REPRESENTING THE SECURITIES.

(B) REGULATION OF BANK OR TRUST COMPANY.

A BANK OR TRUST COMPANY DEPOSITING SECURITIES
PURSUANT TO THIS SECTION IS SUBJECT TO THE RULES AND
REGULATIONS AS, IN THE CASE OF STATE CHARTERED
INSTITUTIONS, THE BANK COMMISSIONER AND, IN THE CASE OF
NATIONAL BANKING ASSOCIATIONS, THE COMPTROLLER OF THE
CURRENCY MAY ISSUE FROM TIME TO TIME. A BANK OR TRUST
COMPANY ACTING AS CUSTODIAN FOR A FIDUCIARY, ON DEMAND BY
THE FIDUCIARY, SHALL CERTIFY IN WRITING TO THE FIDUCIARY
THE SECURITIES SO DEPOSITED BY THE BANK OR TRUST COMPANY
IN THE CLEARING CORPORATION FOR THE ACCOUNT OF THE
FIDUCIARY.

(C)   DUTY OF FIDUCIARY.

A FIDUCIARY, ON DEMAND BY ANY PARTY TO A JUDICIAL
PROCEEDING FOR THE SETTLEMENT OF THE ACCOUNT OF THE
FIDUCIARY OR ON DEMAND BY THE ATTORNEY FOR THE PARTY,
SHALL CERTIFY IN WRITING TO THE PARTY THE SECURITIES
DEPOSITED BY THE FIDUCIARY IN THE CLEARING CORPORATION
FOR ITS ACCOUNT AS FIDUCIARY.

(D)   APPLICABILITY OF SECTION.

THIS SECTION APPLIES WHETHER THE TRUST BE CREATED OR
THE APPOINTMENT MADE PRIOR OR SUBSEQUENT TO JULY 1, 1973.

REVISOR'S NOTE: This section presently appears as
Art. 16, §198A (1973, Ch. 523). This section
is divided into three additional subsections
for the purpose of clarity and organization.
The only other changes are in style and
language.

15-105. AGREEMENT OF FIDUCIARY AND SURETY FOR DEPOSIT OF
ASSETS.

(A) MAKING DEPOSIT.

ANY FIDUCIARY, OR PARTY OF WHOM A BOND, UNDERTAKING
OR OTHER OBLIGATION IS REQUIRED, MAY AGREE OR ARRANGE
WITH HIS SURETY FOR A GENERAL OR A SPECIAL DEPOSIT FOR
SAFEKEEPING OF ANY MONEY, ASSETS AND OTHER PROPERTY FOR