Maryland Code, ESTATES AND TRUSTS 13-307
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maryland Code, ESTATES AND TRUSTS 13-307
- Adult: means an individual at least 18 years old. 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
(a) Subject to subsections (b) and (c) of this section, a person not subject to § 13-305 or § 13-306 of this subtitle who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to § 13-309 of this subtitle.
(b) If a person having the right to do so under § 13-303 of this subtitle has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person.
(c) If no custodian has been nominated under § 13-303 of this subtitle, or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, a transfer under this section may be made to an adult member of the minor’s family or to a trust company unless the property exceeds $10,000 in value.