Section 13-402 – Statement of Policy

    It is public policy of the State that any substantial sum of money paid to a minor because of a claim, action, or judgment in tort should be preserved for the benefit of the minor.

Section 13-403 – Appointment of Trustee or Guardian for Minor

    (a)    Unless a court appoints a guardian of the property of a minor under subsection (c) of this section, if a minor or any other person in whose name a claim in tort is made or judgment in tort obtained on behalf of a minor recovers a net sum of $5,000 or more, the person responsible […]

Section 13-404 – Bond Not Required; Deposit or Investment of Proceeds of Appointing Check

    (a)    The trustee need not give bond.     (b)    (1)    A trustee who receives a check under § 13-403 of this subtitle shall:             (i)    Subject to paragraph (3) of this subsection, deposit the check in any financial institution as defined in § 13-301 of this title; or             (ii)    Invest or reinvest the proceeds of the check, directly or by securities or […]

Section 13-405 – Court Order Required for Withdrawal

    (a)    Except on the order of a circuit court, the financial institution specified in § 13–404(b) of this subtitle may not allow the withdrawal of any of the money except to pay it to the minor on the minor’s attainment of the age of 18 years or to pay to the personal representative of the minor’s […]

Section 13-406 – Petition to Court for Withdrawal

    (a)    A trustee shall file a petition for withdrawal of any of the money of the minor in the original court action or in the equity court in the county where the money is on deposit.     (b)    (1)    The petition shall be verified and state in detail the purposes for which the withdrawal of the money is desired. […]

Section 13-407 – Trustee Not Required to File Accounts

    The trustee provided for in this subtitle need not file any accounts of trusteeship with any court.