SPIRO T. AGNEW, Governor                         49

CHAPTER 51
(House Bill 321)

AN ACT to add new Section 15A to Article 16 of the Annotated
Code of Maryland (1966 Replacement Volume), title "Chancery,"
subtitle "Distribution," to follow immediately after Section 15
thereof; and to repeal and re-enact, with amendments, Section
172 of Article 93 of the Annotated Code of Maryland (1964
Replacement Volume), title "Testamentary Law," subtitle "Guar-
dian and Ward"; permitting equity courts to order that money
distributable to a minor from a trust or estate being administered
under the supervision of equity be deposited in a banking institution
or an insured savings and loan association, subject to order of the
court; and permitting the orphans' courts to order that any money
payable to a minor be deposited in a banking institution or insured
savings and loan association, subject to order of the court.

Section 1. Be it enacted by the General Assembly of Maryland,
That new Section 15A be and it is hereby added to Article 16 of the
Annotated Code of Maryland (1966 Replacement Volume), title
"Chancery," subtitle "Distribution," to follow immediately after
Section 15 thereof, and to read as follows:

15A.

Whenever money is distributable from a trust or estate being
administered under the supervision of an equity court of this State
to a minor and there is no legally appointed and qualified guardian
of the property of such minor, the court in which the trust or estate
is being administered may order that such money shall be deposited
in any banking institution or insured savings and loan association
formed under the laws of this State or in this State under the laws
of the United States to be named in the order, in which it may draw
interest, in the name of the minor, subject, however, to the order
of such court where it shall remain, and the trustee shall retain
the book of deposit or receipt for such deposit until the minor reaches
the age of twenty-one, or a guardian is appointed, and such order
and the deposit made in pursuance thereof shall be a release to
the trustee.

Sec. 2. Be it enacted by the General Assembly of Maryland,
That Section 172 of Article 93 of the Annotated Code of Maryland
(1964 Replacement Volume), title "Testamentary Law," subtitle
"Guardian and Ward," be and it is hereby repealed and re-enacted,
with amendments, to read as follows:

172.

(a) No administrator shall be bound in any manner to discharge
and fulfill the duties of guardian after the close of his administration,
or after the end of three years from the granting of such adminis-
tration, nor after a guardian shall be appointed by the orphans'
court; and whenever an administrator is ready to pay over any
money and there is no legally appointed and qualified guardian of the
[person) property of the minor entitled [who is under age] to such
money, the several orphans' courts of this State may order that such