§ 10-301. Definitions

Latest version.

   (a) In general. -- In this Part I of this subtitle the following words have the meanings indicated.

(b) Attorney trust account. --

   (1) "Attorney trust account" means an account that a lawyer or law firm maintains at a financial institution for the deposit of trust money.

   (2) "Attorney trust account" includes an escrow account.

(c) Beneficial owner. -- "Beneficial owner" means a person, other than the client of a lawyer, for whose benefit a lawyer is entrusted to hold trust money.

(d) Trust money. -- "Trust money" means a deposit, payment, or other money that a person entrusts to a lawyer to hold for the benefit of a client or a beneficial owner.

HISTORY: 1989, ch. 3, § 1.

                    
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