Bonds are securities: (1) in which any of the following persons may legally and properly invest money, including capital that the person owns or controls: (i) an officer or unit of the State or a political subdivision; (ii) a bank, trust company, savings and loan association, investment company, or other person conducting a banking business; (iii) an insurance company, insurance association, or other person conducting an insurance business; (iv) a personal representative, guardian, trustee, or other fiduciary; and (v) any other person; and (2) that may be deposited with and received by a unit of the State or a political subdivision for any purpose for which the deposit of bonds or other obligations of the State is authorized by law.
Maryland Legal Code