Maryland Code, ESTATES AND TRUSTS 13-503
Terms Used In Maryland Code, ESTATES AND TRUSTS 13-503
- Adult: means an individual at least 18 years old. See
- 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.
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- veteran: includes , if the individual is eligible under 38 U. See
(2) This subsection does not affect any right granted in subsection (b) of this section.
(b) A war veteran or member of the armed services, who is a minor, eligible for the benefits of the Servicemen’s Readjustment Act of 1944, and amendments to it, for the purpose of obtaining the benefits of the Act, may:
(1) Mortgage real estate the eligible minor owns;
(2) Buy real estate and execute a mortgage to cover the purchase money;
(3) Execute a deed for the sale of real estate purchased, or execute notes;
(4) Make other agreements and do other things as necessary to obtain the benefits of the Act, and amendments to it; and
(5) Execute releases of claims in the same manner and effect as an adult.
(c) (1) A minor who is at least 15 years old:
(i) May contract for annuities and for life or health insurance on the minor’s own life or body, or on the person of another in whom the minor has an insurable interest;
(ii) May exercise all rights and powers with respect to or under the contract for the annuity or for insurance on the minor’s own life or body, or any contract the minor effected on the person of another issued to the minor as described as though of full legal age of 18 years;
(iii) May surrender any interest in the contract and give a valid discharge for any benefit accruing or money payable under it;
(iv) Is not entitled to rescind, avoid, or repudiate the contract, or any exercise of a right or privilege because of minority; and
(v) Is not bound by any unperformed agreement to pay, by promissory note or otherwise, any premium on any insurance contract.
(2) If an estate of a minor is being administered by a guardian, no contract is binding on the estate as to payment of premiums, unless consented to by the guardian.
(3) Any annuity contract or policy of life or health insurance shall be made payable either to the minor or to the minor’s estate or to a person having an insurable interest in the life of the minor.
(4) The provisions of this subsection also apply with respect to property, casualty, and surety insurance contracted for by a minor who is at least 15 years old on the minor’s own property, liabilities, or other interests.
(d) The absence of specific mention in this subtitle of any power or right granted by law to a minor who is at least 15 years old before the enactment of this subtitle is not intended to affect the existence of the power or right.