§ 3-103. Requirements and standards for exercise of fiduciary powers

Latest version.

   (a) Applicability. -- This section applies to a commercial bank that:

   (1) Is not in the business of accepting deposits or retaining funds in a deposit account as defined in § 5-509 of this article; and

   (2) Is not controlled by or under common control with a banking institution or a national banking association with its principal office located in this State.

(b) In general. -- A commercial bank subject to this section shall operate in compliance with all requirements and standards for the exercise of fiduciary powers that are applicable under 12 C.F.R. Part 9 to a trust department of a State-chartered trust company that is in the business of accepting deposits or retaining funds in a deposit account as defined in § 5-509 of this article.

HISTORY: 1993, ch. 487; 1998, ch. 21, § 1.

                    
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