2598

LAWS OF MARYLAND

Ch. 285

AN ACT concerning

Estates and Trusts - Deposits in Financial Institutions

FOR the purpose of providing that trustees for certain
minors may deposit certain checks in an interest
bearing account in certain financial institutions in
this State; and providing that the trustee may direct
the financial institution to deposit the proceeds of
the check in a certificate of deposit or other interest
bearing account.

BY repealing and reenacting, with amendments,

Article - Estates and Trusts
Section 13-404(b)
Annotated Code of Maryland
(1974 Volume and 1981 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
read(s) as follows:

Article - Estates and Trusts

13-404.

(b) (1) The trustee shall deposit the check in any
financial institution as defined in § 13-301 (g) of this
title.

(2)  THE TRUSTEE MAY DIRECT THE FINANCIAL
INSTITUTION TO INVEST THE PROCEEDS OF THE CHECK IN A
CERTIFICATE OF DEPOSIT OR OTHER INTEREST BEARING ACCOUNT..

(3)  Deposits made under this section may not
exceed the amount of insurance provided FOR SUCH DEPOSITS.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1982.

Approved May 20, 1982.

CHAPTER 286
(Senate Bill 598)
AN ACT concerning