§ 17-501. Definitions

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

(b) Beneficial owner. -- "Beneficial owner" means a person, other than the owner of the trust money, for whose benefit a real estate broker or, on behalf of a real estate broker, an associate real estate broker or a real estate salesperson is entrusted to hold trust money.

(c) Trust money. -- "Trust money" means a deposit, payment, or other money that a person entrusts to a real estate broker or, on behalf of a real estate broker, to an associate real estate broker or a real estate salesperson to hold for:

   (1) the benefit of the owner or beneficial owner of the trust money; and

   (2) a purpose that relates to a real estate transaction involving real estate in the State.

HISTORY: An. Code 1957, art. 56A, § 4-501; 1989, ch. 3, § 1; 1994, ch. 3, § 13.