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