PARRIS N. GLENDENING, Governor                                 Ch. 583

BY adding to

Article - Estates and Trusts

Section 14-109

Annotated Code of Maryland

(1991 Replacement Volume and 1994 Supplement)

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

Article - Estates and Trusts

14-109.

(A)     THE FOLLOWING PERSONS MAY EXERCISE TRUST OR FIDUCIARY
POWERS IN THIS STATE:

(1)      AN INDIVIDUAL;

(2)      A TRUST COMPANY AS DEFINED IN § 1-101 OF THIS ARTICLE;

(3)      AN ORGANIZATION EXEMPT FROM TAXATION UNDER § 501(C) OF
THE INTERNAL REVENUE CODE; AND

(4)      SUBJECT TO SUBSECTION (B) OF THIS SECTION, A BANK, TRUST
COMPANY, OR SAVINGS BANK, OTHER THAN ONE DESCRIBED IN PARAGRAPH (2) OF
THIS SUBSECTION, THAT IS:

(I)       ORGANIZED UNDER THE LAWS OF ANOTHER STATE AND
AUTHORIZED TO EXERCISE TRUST OR FIDUCIARY POWERS IN THE STATE WHERE
ITS PRINCIPAL PLACE OF BUSINESS IS LOCATED; OR

(II)     ORGANIZED UNDER THE LAWS OF THE UNITED STATES AND
AUTHORIZED TO EXERCISE TRUST OR FIDUCIARY POWERS UNDER FEDERAL LAW.

(B)     (1) A BANK, TRUST COMPANY, OR SAVINGS BANK DESCRIBED IN
SUBSECTION (A)(4) OF THIS SECTION MAY EXERCISE TRUST OR FIDUCIARY POWERS
IN THIS STATE ONLY IF THE LAWS OF THE STATE WHERE ITS PRINCIPAL PLACE OF
BUSINESS IS LOCATED AUTHORIZE A BANK, TRUST COMPANY, OR SAVINGS BANK
FROM THIS STATE TO EXERCISE TRUST OR FIDUCIARY POWERS IN THAT STATE.

(2) A BANK, TRUST COMPANY, OR SAVINGS BANK AUTHORIZED TO
EXERCISE TRUST POWERS UNDER SUBSECTION (A)(4) OF THIS SECTION SHALL FILE
WITH THE STATE BANK COMMISSIONER, PRIOR TO EXERCISING TRUST POWERS IN
THIS STATE, INFORMATION SUFFICIENT TO IDENTIFY:

(I)      THE CORRECT CORPORATE NAME OF THE BANK, TRUST
COMPANY, OR SAVINGS BANK;

(II)     AN ADDRESS AND TELEPHONE NUMBER OF A CONTACT
PERSON FOR THE BANK, TRUST COMPANY, OR SAVINGS BANK;

(III)    A RESIDENT AGENT; AND

- 3341 -