WILLIAM DONALD SCHAEFER, Governor

(3)  The implementation of programs for the generation
of interest on attorneys' trust accounts for charitable purposes
pursuant to subsection (a)(2) of this section shall be optional,
not mandatory, and no attorney shall be liable in damages if such
attorney continues to maintain such trust moneys in noninterest
bearing checking accounts separate and apart from such attorney's
own funds as required by subsection (a)(1) of this section and in
accordance with law and the Code of Professional Responsibility.

(4)  Except for trust moneys placed by the attorney in
a commingled account for charitable purposes pursuant to
subsection (a)(2) of this section, trust moneys in the hands of
attorneys may be invested in any other investment vehicle
specified by the client or beneficial owner or as they and the
attorney may agree upon.

(5) (I) NOTWITHSTANDING ANY OTHER PROVISION OF LAW,
AN ATTORNEY MAY IMMEDIATELY, AT SETTLEMENT, DISBURSE FUNDS
RECEIVED IN A REAL ESTATE SETTLEMENT TRANSACTION, WHETHER
RECEIVED IN THE FORM OF A CHECK OR OTHERWISE, IMMEDIATELY AFTER
DEPOSITING THE FUNDS IN AN ACCOUNT.

(II) IF AN ATTORNEY DISBURSES FUNDS RECEIVED IN
A REAL ESTATE SETTLEMENT TRANSACTION UNDER SUBPARAGRAPH (I) OF
THIS PARAGRAPH, THE ATTORNEY SHALL BE LIABLE FOR THE AMOUNT OF
THE DISBURSEMENT, NOTWITHSTANDING THE RETURN OR DISHONOR OF A
CHECK GIVEN TO THE ATTORNEY IN CONNECTION WITH THE SETTLEMENT.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1988.

May 27, 1988

The Honorable Thomas V. Mike Miller, Jr.

President of the Senate

State House

Annapolis, Maryland 21401

Dear Mr. President:

In accordance with Article II, Section 17 of the Maryland
Constitution, I have today vetoed Senate Bill 483.

This bill exempts mortgage guaranty insurance from the scope of
the Property and Casualty Insurance Guaranty Corporation.

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