124                                  LAWS OF MARYLAND                             [CH. 4

partition, exchange, mortgage, create or redeem ground rents, deed,
grant or exercise options, effect and keep in force fire, rent, liability,
casualty, and other insurance; make, execute, acknowledge, and de-
liver deeds, conveyances, mortgages, releases, leases, including leases
for ninety-nine years renewable forever, and leases extending
beyond the minority of the minor; collect rents; improve, subdivide,
or develop property; construct, alter, demolish, or repair property;
settle boundary lines and easements; pay taxes; and protect assess-
ments.

(g) Duty to register security and keep custodial property sepa-
rate.—The custodian shall register each security which is custodial
property and in registered form in the name of the custodian, fol-
lowed, in substance, by the words: "As custodian for............................

(name of minor)

under the Maryland Uniform Gifts to Minors Act." The custodian
shall hold all money which is custodial property in an account with
a broker or in an insured financial institution in the name of the
custodian, followed, in substance, by the words: "as custodian

for ........................................ under the Maryland Uniform Gifts to

(name of minor)

Minors Act." The custodian shall keep all other custodial property
separate and distinct from his own property in a manner to identify
it clearly as custodial property.

(h) Records.—The custodian shall keep records of all transac-
tions with respect to the custodial property and make them available
for inspection at reasonable intervals by a parent or legal representa-
tive of the minor OR BY THE MINOR, if he has attained the age of
fourteen years.

(i) Rights and powers of guardian.—A custodian has with re-
spect to the custodial property, in addition to the rights and powers
provided in this subtitle, all the rights and powers which a guardian
has with respect to property not held as custodial property.

(j) Life insurance policy or annuity contract.—If the subject of
the gift is a life insurance policy or annuity contract, the custodian:

(1)    Has, in his capacity as custodian, all the incidents of own-
ership in the policy or contract to the extent as if he were the owner,
except that the designated beneficiary of any policy or contract on
the life of the minor shall be the minor's estate and the designated
beneficiary of any policy or contract on the life of a person other
than the minor shall be the custodian as custodian for the minor for
whom he is acting; and

(2)    May pay premiums on the policy or contract out of the
custodial property.

305. Custodian's expenses, compensation, bond and liabilities.

(a)    Reimbursement for expenses.—A custodian is entitled to re-
imbursement from the custod