§ 3-501. Definitions

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

(b) Common trust fund. -- "Common trust fund" means a fund that a trust company maintains under this subtitle solely for the collective investment of money held by the trust company as fiduciary.

(c) Fund plan. -- "Fund plan" means a written plan for the establishment and administration of a common trust fund.

(d) Trust company. -- "Trust company" includes a national banking association that has powers similar to those given to a trust company under the laws of this State.

(e) Valuation date. -- "Valuation date" means a date as of which a trust company determines the value of the assets in a common trust fund that it administers.

HISTORY: An. Code 1957, art. 11, § 62; 1980, ch. 33, § 2.

                    
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