§ 3-511. Cofiduciaries

   (a) Investment. -- A trust company may invest in a common trust fund money from an account that it administers as a cofiduciary if the trust company:

   (1) Otherwise may do so under § 3-510 of this subtitle; and

   (2) First obtains the written consent of all other cofiduciaries of that account.

(b) Management. -- A trust company that administers a common trust fund, in which an account held by the trust company as cofiduciary participates, is solely responsible for management and control of the fund.

(c) Liability. -- A cofiduciary, other than the trust company, who consents in good faith to the participation of an account in a common trust fund is not liable to the beneficiaries for the management of the fund.

(d) Termination. -- On receipt of the written request of a cofiduciary to do so, the trust company shall withdraw the participation of a fiduciary account in a common trust fund at the earliest date that the fund plan permits.

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