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2007 Laws of Maryland
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Ch. 200
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Annotated Code of Maryland
(2004 Replacement Volume and 2006 Supplement)
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BY repealing and reenacting, with amendments,
Article - State Government
Section 15-703(e) 15-102(t) and 15-703(e)
Annotated Code of Maryland
(2004 Replacement Volume and 2006 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - State Government
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15-102.
(t) (1) "Interest" means a legal or equitable economic interest that is
owned or held wholly or partly, jointly or severally, or directly or indirectly, whether or
not the economic interest is subject to an encumbrance or condition.
(2) "Interest" does not include:
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(i) an interest held in the capacity of agent, custodian-
fiduciary, personal representative, or trustee, unless the holder has an equitable
interest in the subject matter:
(ii) an interest in a time or demand deposit in a financial
institution:
(iii) an interest in an insurance policy, endowment policy, or
annuity contract bv which an insurer promises to pay a fixed amount of money in a
lump sum or periodically for life or a specified period: or
(iv) a common trust fund or a trust that forms part of a pension
or a profit-sharing plan that:
1. has more than 25 participants: and
2. is determined bv the Internal Revenue Service to be a
qualified trust OR COLLEGE SAVINGS PLAN under [§ 401 or § 501 of] the Internal
Revenue Code.
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15-703.
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- 1488 -
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