Maryland Code, LOCAL GOVERNMENT 4-504

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Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.

(a) The unified charter is a legal document separate from any other legal instrument.

(b) The unified charter shall provide that the unified municipality receive the assets and liabilities of the merging municipalities.