(a) In this subtitle the following words have the meanings indicated.
(b) “Bank” has the meaning stated in 12 U.S.C. § 1841(c).
(c) “Bank holding company” has the meaning stated in 12 U.S.C. § 1841(a).
(d) (1) “Beneficiary” means a person who receives or is entitled as a matter of right to receive a current distribution of principal or income from a trust, estate, or fund with respect to which a substitution of a corporate fiduciary is made under this subtitle.
(2) “Beneficiary” includes:
(i) If the beneficiary is a minor, the beneficiary’s natural or legal guardian; or
(ii) If the beneficiary is a disabled person, as defined in § 13-101 of this article, any person acting on behalf of the beneficiary under a guardianship, conservatorship, or committee.
(e) “Capital requirement” means a provision in any court order, statute, regulation, or writing, including a will, trust, or similar document or instrument, that requires a fiduciary to have a specified minimum amount of capital or capital and surplus.
(f) “Corporate fiduciary” means:
(1) A bank;
(2) A trust company; or
(3) Any other corporate entity that is authorized to act as a fiduciary under the laws of this State.
(g) “Fiduciary” includes:
(1) A trustee;
(2) An executor or executrix;
(3) A personal representative;
(4) A receiver;
(5) A special administrator;
(6) A guardian;
(7) A conservator;
(8) A committee;
(9) A custodian under the Maryland Uniform Transfers to Minors Act; and
(10) Any other person who has a fiduciary relationship the responsibilities of which are customarily performed by a corporate fiduciary.
(h) “Successor fiduciary” means a corporate fiduciary that is substituted for another corporate fiduciary under the provisions of § 15-1A-02 of this subtitle, by reason of:
(1) A merger or consolidation of corporate fiduciaries;
(2) The acquisition of the stock or assets of a corporate fiduciary by another corporate fiduciary;
(3) The transfer by a corporate fiduciary of its trust and fiduciary business to another corporate fiduciary; or
(4) The acquisition or formation by a corporate fiduciary of a subsidiary, which is itself a corporate fiduciary, in order to undertake the trust and fiduciary business of the subsidiary’s parent entity.
(i) “Trust company” has the meaning stated in § 1-101 of this article.