(a) In this subtitle the following words have the meanings indicated. (b) “Adult” means an individual who has attained the age of 21 years. (c) “Broker” means a person lawfully engaged in the business of effecting transactions in securities or commodities for the person’s own account or for the account of others. (d) “Conservator” means a person appointed or […]
(a) This subtitle applies to a transfer that refers to the Maryland Uniform Transfers to Minors Act in the designation under § 13–309(a) of this subtitle by which the transfer is made if at the time of the transfer the transferor, the minor, or the custodian is a resident of this State or the custodial property […]
(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) […]
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.
(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 […]
(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 […]
(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 § […]
A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this subtitle.
(a) Custodial property is created and a transfer is made whenever: (1) An uncertificated security or a certificated security in registered form is either: (i) Registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: “As custodian for __________ (name of minor) under the Maryland […]
(a) Subject to subsection (c) of this section, a transfer may be made only for 1 minor, and only 1 person may be the custodian. (b) All custodial property held under this subtitle by the same custodian for the benefit of the same minor constitutes a single custodianship. (c) (1) Notwithstanding any provision of this subtitle to the contrary, […]
(a) The validity of a transfer made in a manner prescribed in this subtitle is not affected by: (1) Failure of the transferor to comply with § 13-309(c) of this subtitle concerning possession and control; (2) Designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is ineligible to […]
(a) A custodian shall: (1) Take control of custodial property; (2) Register or record title to custodial property if appropriate; and (3) Collect, hold, manage, invest, and reinvest custodial property. (b) (1) Except as provided in paragraph (2) of this subsection, in dealing with custodial property: (i) A custodian shall observe the standard of care that would be observed by a prudent […]
(a) A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only. (b) This section does not relieve a custodian from liability for breach of § 13-312 of […]
(a) In this section, “disabled” has the meaning stated in 42 U.S.C. § 1382c(a)(3). (b) A custodian may deliver or pay to the minor or expend for the minor’s benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to: (1) The […]
(a) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian’s duties. (b) Except for one who is a transferor under § 13-304 of this subtitle, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year. (c) Except as […]
A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining: (1) The validity of the purported custodian’s designation; […]
(a) A claim based on any of the following may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, whether or not the custodian or the minor is personally liable: (1) On a contract entered into by a custodian acting in a custodial capacity; (2) For an obligation arising from the ownership […]
(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 […]
(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 […]
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 […]
