MARVIN MANDEL, Governor                          119

statute or rule relating to nonresidents. No person who, before re-
ceiving actual notice of the pendency of a guardianship proceeding
in this state, has changed his position by relying on the powers
herein granted shall be prejudiced by the pendency of the
proceeding.

Subtitle 3
Uniform Gifts To Minors Act

301. Definitions.
In this subtitle, unless the context otherwise requires:

(a)    Adult.—An "adult" is a person who has attained the age of
twenty-one years.

(b)    Bank.—A "bank" is any banking institution formed pur-
suant to Article 11 of the Annotated Code, title "Banks and Trust
Companies," or pursuant to the laws of another state or pursuant to
the laws of the United States as a national bank.

(c)    Broker.—A "broker" is a person lawfully engaged in the
business of effecting transactions in securities for the account of
others. The term includes a bank which effects such transactions.
The term also includes a person lawfully engaged in buying and sell-
ing securities for his own account, through a broker or otherwise, as
a part of a regular business.

(d)    Court.—"Court" means the circuit courts.

(e)    Custodial property.—The "custodial property" includes:

(1) All securities, life insurance policies, annuity contracts, real
estate, tangible personal property, money, and any other type of
property under the supervision of the same custodian for the same
minor as a consequence of a gift or gifts made to the minor in a
manner prescribed in this subtitle; and (2) the income therefrom,
and the proceeds, from the sale, exchange, conversion, investment,
reinvestment, surrender or other disposition of such securities,
money, life insurance policies, annuity contracts, real estate, tangi-
ble personal property, and other property.

(f)    Custodian.—A "custodian" is a person designated in a
manner prescribed in this subtitle; the term includes a successor
custodian.

(g)    Financial institution.—A "financial institution" is a bank, a
federal savings and loan association, a savings institution chartered
and supervised as a savings and loan or similar institution under
federal law or the laws of a state or a federal credit union or a credit
union chartered and supervised under the laws of a state; a "domes-
tic financial institution" is one chartered and supervised under the
laws of this State or a bank chartered and supervised under federal
law and having its principal office in this State; an "insured financial
institution" is one, deposits (including a savings, share, certificate
or deposit account) in which are, in whole or in part, insured by the
Federal Deposit Insurance Corporation, the Federal Savings and
Loan Insurance Corporation, the Maryland Savings-Share Insurance
Corporation or