Ch. 584                                     1993 LAWS OF MARYLAND

(ii) The designation of a person as a convenience person on an account
shall be deemed to be a DURABLE power of attorney appointing that person as agent for
the party or parties to the account WHICH DESIGNATION SHALL NOT BE AFFECTED BY
REGARDLESS OF ANY DISABILITY OF THE PARTY OR PARTIES SUBSEQUENT TO THE
DESIGNATION.

[(12)] (13) (i) "Trust account" means any account established in the name
of 1 or more parties as trustees for 1 or more beneficiaries where:

1.       None of the beneficiaries is also a trustee;

2.       The trust relationship is established by the account
agreement; and

3.       There is no corpus of the trust other than the funds in the
account.

(ii) "Trust account" does not include a:

1.       Trust account under a testamentary trust, declaration of
trust, or a trust agreement that has significance apart from the account; or

2.       Fiduciary account arising from a fiduciary relationship.

(c) (1) A depository institution is authorized to establish multiple-party
accounts subject to the terms of this section.

(2)     Multiple-party accounts established on or after October 1, 1993, shall be
subject to and comply with the terms of this section.

(3)     A multiple-party account established before October 1, 1993, shall be
subject to and comply with the terms of this section if:                                   

(i) The parties expressly state in an account agreement that complies
with subsection (d) (E) of this section that the account shall be subject to the terms of this
section; or

(ii) 1. The depository institution [provides to each party to the
account] GIVES a written notice that:                                                               

A.      States that the law applicable to the account has changed [or
will change effective October 1, 1993];

B.       States that the party's rights under the account may change
because of the change in law; and

C.       Repeats the provisions of subsection (d) 'of this section; and

2. [The account is used after] AFTER that notice is given, ANY
PARTY TO THE ACCOUNT:

A. INCREASES OR DECREASES THE AMOUNT OF THE
DEPOSIT IN THE ACCOUNT;

- 2890 -