§ 15-113. Joint and several liability of trust company affiliates

Latest version.

   An entity that controls, is controlled by, or is under common control with a trust company shall be jointly and severally liable for claims against the trust company when the trust company is acting as a trustee of bond indentures or similar debt issuances, if the trust company:

   (1) May exercise trust or fiduciary powers in the State; and

   (2) Meets the qualifications under 12 U.S.C. § 1841(c)(2)(D).

HISTORY: 1993, ch. 440.

                    
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