4576                                      LAWS OF MARYLAND                                    Ch. 829

SECTION 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1982.

Approved June 1, 1982.

CHAPTER 830

(Senate Bill 895)

AN ACT concerning

Attorneys - Trust Funds - Interest Bearing Accounts

FOR the purpose of permitting attorneys handling trust funds
to place such moneys in certain interest bearing
accounts for the use and benefit of their clients or
beneficial owners where the interest earned may
reasonably be expected to exceed $50 or such larger
amount as the attorney may determine to be not more
than the cost of handling such accounts; providing that
where such interest is not reasonably expected to
exceed $50 or such handling cost, such moneys may be
pooled and commingled with other such moneys and the
interest earned thereon paid to the Maryland Legal
Services Corporation, exclusively for charitable
purposes; allowing an attorney to invest certain trust
funds in an investment vehicle specified by the client
or beneficial owner; making this Act contingent on the
passage of another Act; and generally relating to the
handling of trust funds by attorneys.

BY repealing and reenacting, with amendments,

Article 10 - Attorneys at Law and Attorneys in Fact

Section 44

Annotated Code of Maryland

(1981 Replacement 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 10 - Attorneys at Law and Attorneys in Fact

44.

(a) (1) If any attorney is entrusted with, or receives
and accepts, or otherwise holds, deposit moneys or other
trust moneys, of whatever kind or nature, such moneys, in
the absence of [written instructions or] court order to the
contrary shall be expeditiously deposited in an account OR