HARRY HUGHES, Governor

3083

IF MONEY IS PLACED IN A SAVINGS AND LOAN ASSOCIATION IN
A REVOCABLE TRUST ACCOUNT FOR THE BENEFIT OF ANOTHER PERSON,
THE ASSOCIATION MAY PERMIT THE BENEFICIARY TO WITHDRAW MONEY
FROM THE ACCOUNT IF:

(1)  THE ASSOCIATION HAS NOT RECEIVED NOTICE OF
TERMS OF A TRUST THAT PROVIDE OTHERWISE; AND

(2)  THERE IS NO LIVING TRUSTEE.

(B) TERMINATION OF TRUST.

A REVOCABLE TRUST ACCOUNT TERMINATES, AND THE
ASSOCIATION MAY PERMIT THE TRUSTEE TO WITHDRAW THE MONEY IN
THE ACCOUNT IF:

(1)  THE BENEFICIARY HAS DIED; AND

(2)  THE TRUST ACCOUNT DOES NOT PROVIDE THAT THE
MONEY IN THE ACCOUNT IS PAYABLE TO THE SURVIVOR OF THE
BENEFICIARY.

COMMITTEE COMMENT: This section replaces former Art.
23, § 145(a).

In subsection (a)(2) of this section, the phrase
"no living trustee" was substituted for "the
trustee" to make clear that the trust is not
payable to the beneficiary while there is a
trustee still living.

"Savings and loan association" is defined in §
9-101 of this title.

9-416. ADVERSE CLAIM TO MONEY.

(A)  IN GENERAL.

EXCEPT AS PROVIDED IN SUBSECTION (B) OF THIS SECTION, A
SAVINGS AND LOAN ASSOCIATION IS NOT REQUIRED TO RECOGNIZE OR
TAKE ANY ACTION ON ANY CLAIM TO A DEPOSIT OR TO MONEY OR
PROPERTY HELD BY THE ASSOCIATION OR CONTAINED IN A SAFE
DEPOSIT BOX IF THAT CLAIM IS ADVERSE TO THE INTERESTS OF ANY
PERSON WHO, ON ITS RECORDS, APPEARS TO BE ENTITLED TO THE
DEPOSIT, MONEY, OR PROPERTY.

(B)  EFFECT OF COURT ORDER.

IF, IN AN ACTION TO WHICH AN ADVERSE CLAIMANT IS A
PARTY, A COURT ORDER OR DECREE INVOLVING A CLAIM TO THE
DEPOSIT, MONEY, OR PROPERTY IS SERVED ON A SAVINGS AND LOAN
ASSOCIATION, THE ASSOCIATION MAY OR, IF REQUIRED BY THE
COURT, SHALL IMPOUND THE DEPOSIT, MONEY, OR PROPERTY,
SUBJECT TO FURTHER ORDER OF THE COURT, AND WITHOUT ANY
LIABILITY FOR THESE ACTIONS.