Maryland Statutes
Subtitle 2 - Protection of Property
Section 13-209.1 - Form and Limits of Guardianship Accounts

(a)    (1)    Subject to paragraph (2) of this subsection, a guardian of the property of a minor or disabled person may petition the court to deposit cash belonging to the minor or disabled person in an amount not exceeding $200,000 into a single restricted account.
        (2)    (i)    If the amount of cash belonging to a minor or disabled person exceeds $200,000, any excess amount shall be deposited into additional restricted accounts.
            (ii)    The amount deposited in an additional restricted account under subparagraph (i) of this paragraph may not exceed $200,000.
            (iii)    The aggregate amount deposited in any financial institution may not exceed $200,000.
    (b)    A deposit under subsection (a) of this section may be made into any type of account, including a certificate of deposit, in a financial institution that:
        (1)    Accepts deposits; and
        (2)    (i)    Is federally insured; or
            (ii)    Is regulated by the Commissioner of Financial Regulation.

Structure Maryland Statutes