§ 3-504. Fund plans in general

Latest version.

   (a) Adoption of plan. -- A trust company shall establish and maintain a common trust fund only in accordance with a fund plan that is approved:

   (1) By resolution of the board of directors of the trust company; and

   (2) By legal counsel.

(b) Application. -- Notwithstanding any provision of law that applies to a participating fiduciary account, a fund plan controls:

   (1) Participations in the fund; and

   (2) The rights and benefits in participating accounts of all persons who have interests in the fund.

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

                    
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