Section 13-318 – Refusal of Nomination; Designation of Successor; Resignation; Lapse of Custodian; Removal
(a) (1) A person nominated under § 13-303 of this subtitle or designated under § 13-309 of this subtitle as custodian may decline to serve by delivering a valid disclaimer to the person who made the nomination or to the transferor or the transferor’s legal representative. (2) If the event giving rise to a transfer has not occurred […]
Section 13-303 – Contingent Transfers
(a) A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian followed in substance by the words: “as custodian for __________ (name of minor) […]
Section 13-319 – Accounting
(a) A minor who has attained the age of 14 years, the minor’s guardian of the person or legal representative, an adult member of the minor’s family, a transferor, or a transferor’s legal representative may petition the court for: (1) An accounting by the custodian or the custodian’s legal representative; or (2) A determination of responsibility, as between […]
Section 13-304 – Irrevocable Transfer to Custodian by Individual
A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to § 13-309 of this subtitle.
Section 13-320 – Transfer of Property to Minor
The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor’s estate upon the earlier of: (1) The minor’s attainment of 21 years of age with respect to custodial property transferred under § 13-304, § 13-305, or § 13-306 of this subtitle; (2) The minor’s attainment of age 18 with […]
Section 13-305 – Irrevocable Transfer by Personal Representative or Trustee
(a) A personal representative or trustee may make an irrevocable transfer pursuant to § 13-309 of this subtitle to a custodian for the benefit of a minor as authorized in the governing will or trust. (b) If the testator or settlor has nominated a custodian under § 13-303 of this subtitle to receive the custodial property, the […]
Section 13-321 – Applicability of Subtitle
This subtitle applies to a transfer within the scope of § 13-302 of this subtitle made on or after July 1, 1989 if: (1) The transfer purports to have been made under the Maryland Uniform Gifts to Minors Act; or (2) The instrument by which the transfer purports to have been made uses in substance the designation […]
Section 13-306 – Irrevocable Transfer by Personal Representative or Trustee — in Absence of Express Authority
(a) Subject to subsection (c) of this section, a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to § 13-309 of this subtitle, in the absence of a will or under a will or trust that does not contain an […]
Section 13-322 – Validation of Prior Transfers
(a) Any transfer of custodial property as now defined in this subtitle made before July 1, 1989 is validated notwithstanding that there was no specific authority in the Maryland Uniform Gifts to Minors Act for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was […]
Section 13-307 – Irrevocable Transfer by Other Persons Holding Property or Owing Debt to Minor
(a) Subject to subsections (b) and (c) of this section, a person not subject to § 13-305 or § 13-306 of this subtitle who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to § […]