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Terms Used In Maryland Code, ESTATES AND TRUSTS 13-204

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • 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.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • minor: means an individual under the age of 18 years. See
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • 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
(a) (1) If a basis exists as described in § 13-201 of this subtitle for assuming jurisdiction over the property of a minor or disabled person, the circuit court, without appointing a guardian, may authorize or direct a transaction with respect to the property, service, or care arrangement of the minor or disabled person.

(2) The transactions described under paragraph (1) of this subsection include:

(i) Payment, delivery, deposit, or retention of funds or property;

(ii) Sale, mortgage, lease, or other transfer of property;

(iii) Purchase of contracts for an annuity, life care, training, or education;

(iv) Making the election to take an elective share of an estate subject to election under § 3-403 of this article; or

(v) Any other transaction described in:

1. § 13-203(c)(2) of this subtitle;

2. Title 9, Subtitle 2 of this article; or

3. § 15-102 of this article.

(b) Before approving a transaction or arrangement under this section, the court shall consider the interests of creditors and dependents of the minor or disabled person and whether the property of the minor or disabled person needs the continuing protection provided by a guardian.