122                               LAWS OF MARYLAND                           [CH. 4

"as custodian for....................................under the Maryland Uniform

(name of minor)
Gifts to Minors Act."

(7)    If the gift is by will, by stating in the will that the bequest
or devise is made under the Maryland Uniform Gifts to Minors Act.
Unless the testator in his will designates the custodian, who shall
be an adult, a guardian of the minor or a trust company, his personal
representative shall, subject to any limitations contained within the
will, have the power to name as the custodian an adult, a guardian
of the minor or a trust company, and shall distribute the subject of
the gift by transferring it in the manner and form provided in the
preceding paragraphs of this subsection.

(8)    If the gift is preceded by a gift in trust to some other person
or persons, by stating in the will or living trusty instrument that it is
made under the Maryland Uniform Gifts to Minors Act. Unless the
custodian, who shall be an adult, a guardian of the minor or a trust
company, is designated in the will or living trust instrument, the
trustee shall, subject to any limitations contained within the will or
living trust instrument, have the power to name as custodian an
adult, a guardian of the minor or a trust company and shall distrib-
ute the subject of the gift by transferring it in the manner and form
provided in the preceding paragraphs of this subsection.

(b)    Gift limited to one minor; one custodian only.—Any gift
made in a manner prescribed in subsection (a) may be made to only
one minor and only one person may be the custodian.

(c)    Matters not affecting consummation of gift.—A donor who
makes a gift to a minor in a manner prescribed in subsection (a)
shall promptly do all things within his power to put the subject of
the gift in the possession and control of the custodian, but neither
the donor's failure to comply with this subsection, nor his designa-
tion of an ineligible person as custodian nor renunciation by the per-
son designated as custodian affects the consummation of the gift.

(d)    Designation of custodian as beneficiary of life insurance
policy or annuity contract.—Whether or not a gift of the ownership
of a life insurance policy or annuity contract has been made, the
owner of such a policy or contract may designate a custodian (or a
successor custodian) as the beneficiary of any such policy or con-
tract. When the custodian receives any proceeds of such policy or
contract, the proceeds shall at that time become custodial property.

303. Effect of gift.

(a)    Gift irrevocable; title conveyed; powers, etc., of guardian.—
A gift made in a manner prescribed in this subtitle is irrevocable
and conveys to the minor indefeasibly vested legal title to the
security, life insurance policy, annuity contract, real estat