Maryland Code, EDUCATION 18-1908

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Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Fiduciary: A trustee, executor, or administrator.
state: means :

(1) a state, possession, territory, or commonwealth of the United States; or

(2) the District of Columbia. See

(a) The Board shall purchase a bond for each fiduciary in accordance with Title 9, Subtitle 17 of the State Government Article.

(b) Unless a fiduciary is bonded, the fiduciary may not exercise custody or control of any assets of the Trust.