Maryland Code, ESTATES AND TRUSTS 13-209.1
Terms Used In Maryland Code, ESTATES AND TRUSTS 13-209.1
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- including: means includes or including by way of illustration and not by way of limitation. See
- minor: means an individual under the age of 18 years. See
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
(2) (i) If the amount of cash belonging to a minor or disabled person exceeds $200,000, any excess amount shall be deposited into additional restricted accounts.
(ii) The amount deposited in an additional restricted account under subparagraph (i) of this paragraph may not exceed $200,000.
(iii) The aggregate amount deposited in any financial institution may not exceed $200,000.
(b) A deposit under subsection (a) of this section may be made into any type of account, including a certificate of deposit, in a financial institution that:
(1) Accepts deposits; and
(2) (i) Is federally insured; or
(ii) Is regulated by the Commissioner of Financial Regulation.