Bonds issued under this part are securities: (1) 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 obligations of the State is authorized by law; and (2) in which any of the following persons or entities may invest money: (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, or an investment company; (iii) an insurance company; and (iv) a personal representative, trustee, or other fiduciary.
Maryland Legal Code