Maryland Code, ESTATES AND TRUSTS 13-311
Terms Used In Maryland Code, ESTATES AND TRUSTS 13-311
- 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
(1) Failure of the transferor to comply with § 13-309(c) of this subtitle concerning possession and control;
(2) Designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is ineligible to serve as custodian under § 13-309(a) of this subtitle; or
(3) Death or incapacity of a person nominated under § 13-303 of this subtitle or designated under § 13-309 of this subtitle as custodian or the disclaimer of the office by that person.
(b) A transfer made under § 13-309 of this subtitle is irrevocable, and the custodial property is indefeasibly vested in the minor, but the custodian has all the rights, powers, duties, and authority provided in this subtitle, and neither the minor nor the minor’s legal representative has any right, power, duty, or authority with respect to the custodial property except as provided in this subtitle.
(c) By making a transfer, the transferor incorporates in the disposition all the provisions of this subtitle and grants to the custodian, and to any third person dealing with a person designated as custodian, the respective powers, rights, and immunities provided in this subtitle.