Section 13-314 – Delivery or Payment to Minor or for Minor’s Use and Benefit
(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 […]
Section 13-315 – Compensation of Custodian; Bond
(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 […]
Section 13-316 – Liability of Third Persons Dealing With Custodian
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; […]
Section 13-317 – Claims Against Custodial Property
(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 […]
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 […]