Maryland Code, ESTATES AND TRUSTS 13-206
Terms Used In Maryland Code, ESTATES AND TRUSTS 13-206
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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.
- 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
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See - Statute: A law passed by a legislature.
- Trustee: A person or institution holding and administering property in trust.
(1) Any individual;
(2) Any trust company; or
(3) Any other corporation authorized by law to serve as a trustee.
(b) The appointed guardian shall qualify by filing any required bond.
(c) (1) (i) The appointment and qualification of a guardian vests in the guardian title to all property of the minor or protected person that is held at the time of appointment or acquired later.
(ii) The appointment is not a transfer or alienation within the meaning of any federal or State statute or regulation, insurance policy, pension plan, contract, will, or trust instrument that imposes restrictions on or penalties for transfer or alienation by the minor or disabled person of the minor or disabled person’s rights or interest.
(iii) A guardian shall utilize powers conferred by this subtitle to perform services, exercise discretion, and discharge the guardian’s duties for the best interest of the minor or disabled person or the minor or disabled person’s dependents.
(2) If a trust company is appointed guardian, a court may order any money paid to the court for the benefit of the minor or disabled person to be deposited with the trust company.
(d) The guardian is the statutory agent of the minor or disabled person for the purpose of filing all government reports and returns.