Ch. 3

LAWS OF MARYLAND

(1)  AN ATTORNEY TRUST ACCOUNT MAY BE AN INTEREST
BEARING OR NONINTEREST BEARING ACCOUNT.

(2)  AN ATTORNEY TRUST ACCOUNT MAY BE:

(I)  A SAVINGS ACCOUNT;

(II)  A CHECKING ACCOUNT;

(III)  AN ACCOUNT THAT IS SUBJECT TO NEGOTIABLE
ORDERS OF WITHDRAWAL; OR

(IV)  ANY COMBINATION OF THESE ACCOUNTS.

(3)  A LAWYER WHO DEPOSITS TRUST MONEY IN A
NONINTEREST BEARING ACCOUNT IS NOT LIABLE FOR DAMAGES THAT RELATE
TO THE LOSS OF INTEREST ON THE TRUST MONEY IF THE DEPOSIT IS MADE
IN COMPLIANCE WITH:

(I)  THE PROVISIONS OF THIS PART I OF THIS
SUBTITLE; AND

(II)  THE APPLICABLE PROVISIONS OF THE MARYLAND
RULES OF PROFESSIONAL CONDUCT.

REVISOR'S NOTE: Subsection (a) of this section is new
language added to reflect Md. Rule BU3.

Subsection (b) of this section is new language
substituted for the reference, in the first sentence
of former Art. 10, § 44(a)(2), to "any bank or savings
and loan association authorized by federal or State
law to do business in this State". The substituted
language incorporates the more stringent requirements
of federal insurance, Md. Rule BU2g, restrictions on
location, Md. Rule BU3, and approval by the Attorney
Grievance Commission, Md. Rule BU10. The substituted
language also allows use of trust companies, in
accordance with the Md. Rules. Semiannually, the
Attorney Grievance Commission publishes lists of
currently approved financial institutions.

Subsection (c) of this section is new language derived
without substantive change from the first sentence of
former Art. 10, § 44(a)(2), except as that sentence
referred to the financial institutions in which a
lawyer must deposit trust money, and the second clause
of (3).

In subsection (c)(2) of this section, the former.
references to depositing trust money in "accounts" or
"one or more accounts" are deleted as unnecessary in

- 462 -