Section 17-501 - Definitions(a) In this Part I of this subtitle the following words have the meanings indicated.(b) "Beneficial owner" means a person, other than the owner of the trust money, for whose benefit a real estate broker or, on behalf of a real estate broker, an associate real estate broker or a real estate salesperson is entrusted to hold trust money.(c) "Trust money" means a deposit, payment, or other money that a person entrusts to a real estate broker or, on behalf of a real estate broker, to an associate real estate broker or a real estate salesperson to hold for:(1) the benefit of the owner or beneficial owner of the trust money; and(2) a purpose that relates to a real estate transaction involving real estate in the State.Brought forward without change, 2023 Md. Laws, Ch. 585,Sec. 1, eff. 10/1/2023.