Theodore R. McKeldin, Governor                     175

310E. Custodian's Expenses, Compensation, Bond and Liabilities.

(a)  A custodian is entitled to reimbursement from the custodial
property for his reasonable expenses incurred in the performance of
his duties.

(b)  A custodian may act without compensation for his services.

(c)   Unless he is a donor, a custodian may receive from the cus-
todial property as reasonable compensation for his services the
fees that are customarily allowed in this State to trustees, unless the
donor directs otherwise when the gift is made.

(d)  Except as otherwise provided in this sub-title, a custodian
shall not be required to give a bond for the performance of his duties.

(e)  A custodian not compensated for his services is not liable for
losses to the custodial property unless they result from his bad faith,
intentional wrongdoing or gross negligence or from his failure to
maintain the standard of prudence in investing the custodial property
provided in this sub-title.

310F. Exemption of Third Persons From Liability. No issuer,
transfer agent, bank, broker or other person acting on the instruc-
tions of or otherwise dealing with any person purporting to act as
a donor or in the capacity of a custodian is responsible for deter-
mining whether the person designated by the purported donor or
purporting to act as a custodian has been duly designated or whether
any purchase, sale or transfer to or by or any other act of any person
purporting to act in the capacity of custodian is in accordance with
or authorized by this sub-title, or is obliged to inquire into the
validity or propriety under this sub-title of any instrument or in-
structions executed or given by a person purporting to act as a donor
or in the capacity of a custodian, or is bound to see to the application
by any person purporting to act in the capacity of a custodian of any
money or other property paid or delivered to him.

310G. Resignation, Death or Removal of Custodian; Bond; Ap-
pointment of Successor Custodian, (a) Only an adult member of
the minor's family, a guardian of the minor or a trust company is
eligible to become successor custodian. A successor custodian has all
the rights, powers, duties and immunities of a custodian designated
in a manner prescribed by this sub-title.

(b) A custodian, other than the donor, may resign and designate
his successor by:

(1)  executing an instrument of resignation designating the suc-
cessor custodian; and

(2)  causing each security which is custodial property and in regis-
tered form to be registered in the name of the successor custo-
dian followed, in substance, by the words: "as custodian for
................................._;..............under the Maryland Uniform Gifts to

(name of minor)
Minors Act"; and

(3)  delivering to the successor custodian the instrument of resig-
nation, each security registered in the name of the successor custo-
dian and all other custodial property, together with any additional
instruments required for the transfer thereof.