WILLIAM DONALD SCHAEFER, Governor                         Ch. 602

CHAPTER 602
(House Bill 825)

AN ACT concerning

Estates and Trusts - Fiduciaries - Prudent Investor Rule

FOR the purpose of establishing a prudent investor standard in this State to govern the
actions of certain fiduciaries under certain circumstances; establishing guidelines
for the investment and management of assets as a prudent investor; establishing
factors to be considered in determining whether certain fiduciaries have acted
properly; defining certain terms; providing for the application of this Act; and
generally relating to the conduct of certain fiduciaries under a prudent investor
standard.

BY adding to

Article - Estates and Trusts

Section 15-101(k) and 15-114

Annotated Code of Maryland

(1991 Replacement Volume and 1993 Supplement)

BY repealing and reenacting, with amendments,
Article - Estates and Trusts
Section 13-312(b)
Annotated Code of Maryland
(1991 Replacement Volume and 1993 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Estates and Trusts

15-101.

(K) "TRUST COMPANY" HAS THE MEANING STATED IN § 1-101 OF THIS
ARTICLE.

15-114.

(A) (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

(2) "FIDUCIARY" MEANS:

(I)      A CORPORATE FIDUCIARY TRUST COMPANY;

(II)     AN INVESTMENT ADVISOR THAT IS CONTROLLED BY OR IS
UNDER COMMON CONTROL WITH A CORPORATE FIDUCIARY TRUST COMPANY; OR

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