(a) (1) Whenever money is distributable by a personal representative to a minor and there is no judicially appointed guardian of the property of the minor, the court may order that the cash be deposited in a banking institution or insured savings and loan association formed under the laws of the State or in the State under the laws of the United States, in which it may draw interest, in the name of the minor, subject to the further order of the court.
(2) The banking institution or association shall be named in the order.
(3) The personal representative shall deliver the account book to the person or to such person, including the register, as the personal representative with the approval of the court, considers responsible and appropriate.
(4) When the minor reaches the age of 18 or a guardian is appointed, the funds deposited and the account book shall be delivered to the minor, or to the guardian.
(b) (1) In addition to the procedures in subsection (a) of this section, whenever a personal representative is required to distribute property to a minor as defined in § 13–301(k) of this article, the personal representative, with the approval of the court, may transfer the property to a custodian who shall hold or dispose of the property in accordance with the provisions of the Maryland Uniform Transfers to Minors Act.
(2) The personal representative shall, subject to the approval of the court, designate the custodian, who shall be an adult or a trust company.
(c) Whenever a personal representative is required to distribute tangible personal property to a person under the age of 18 years and there is no guardian of the minor, the personal representative may distribute it to the person whom the personal representative, with the approval of the court, considers responsible and appropriate, and under the conditions set forth in the order of the court.
(d) If a guardian has been appointed for a minor, payment may be made to the guardian on the filing of a copy of the guardian’s authority authenticated pursuant to 28 U.S.C. § 1738.
(e) In addition to the procedures set forth in this section, the personal representative may make distribution to a minor in accordance with the provisions of § 13–501 of this article or the will.