(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.
Structure Maryland Statutes
Title 13 - Protection of Minors, Disabled Persons, Susceptible Adults, and Older Adults
Subtitle 3 - Maryland Uniform Transfers to Minors Act
Section 13-301 - Estates and Trusts
Section 13-302 - Law Governing
Section 13-303 - Contingent Transfers
Section 13-304 - Irrevocable Transfer to Custodian by Individual
Section 13-305 - Irrevocable Transfer by Personal Representative or Trustee
Section 13-307 - Irrevocable Transfer by Other Persons Holding Property or Owing Debt to Minor
Section 13-308 - Receipt and Discharge
Section 13-309 - Creation of Custodial Property; When Transfer Made
Section 13-310 - Nature of Custodianship
Section 13-311 - Effect of Transfer
Section 13-312 - Duties and Powers of Custodian
Section 13-313 - Rights of Custodian; Liability
Section 13-314 - Delivery or Payment to Minor or for Minor's Use and Benefit
Section 13-315 - Compensation of Custodian; Bond
Section 13-316 - Liability of Third Persons Dealing With Custodian
Section 13-317 - Claims Against Custodial Property
Section 13-320 - Transfer of Property to Minor
Section 13-321 - Applicability of Subtitle
Section 13-322 - Validation of Prior Transfers