Maryland Code, ESTATES AND TRUSTS 13-310
Terms Used In Maryland Code, ESTATES AND TRUSTS 13-310
- 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
(b) All custodial property held under this subtitle by the same custodian for the benefit of the same minor constitutes a single custodianship.
(c) (1) Notwithstanding any provision of this subtitle to the contrary, 2 persons may be designated as custodians of custodial property for the benefit of the same minor and that arrangement shall constitute a single custodianship.
(2) If 2 persons are designated as custodians, they shall act as joint custodians under this subtitle and, unless specified otherwise in any document creating the custodianship, each joint custodian shall have the full power and authority to act alone as a custodian under this subtitle.
(3) If either joint custodian resigns, dies, becomes incapacitated, or is removed, the remaining custodian may serve as sole custodian without the necessity of appointing a successor joint custodian.