144                                          LAWS OF MARYLAND                           [Ch. 11

INTEREST, Of THE SUM PAID, OR THE PROCEEDS FROM THE SALE
OF PROPERTY IF NOT IN THE FORM OF CASH WHEN TRANSFERRED
TO THE BOARD OF EDUCATION, OR THE FAIR MARKET VALUE AT
THE TIME OF TRANSFER IF NOT CONVERTED TO CASH.

REVISOR'S NOTE: This section presently appears as
Art, 93, §9-108. The word "whereabouts" is
changed to "location." The only other changes
are in style and language.

9-109. DISTRIBUTION TO MINOR.
(A) MONEY.

WHENEVER MONEY IS DISTRIBUTABLE BY A PERSONAL
REPRESENTATIVE TO [[A PERSON UNDER 18 YEARS OF AGE]] A
MINOR AND THERE IS NO JUDICIALLY APPOINTED GUARDIAN OF
THE PROPERTY OF THE MINOR, THE COURT MAY ORDER THAT THE
CASH BE DEPOSITED IN A BANKING INSTITUTION OR INSURED
SAVINGS AND LOAN ASSOCIATION FORMED UNDER THE LAWS OF THE
STATE OR IN THE STATE UNDER THE LAWS OF THE UNITED
STATES, IN WHICH IT MAY DRAW INTEREST, IN THE NAME OF THE
MINOR, SUBJECT TO THE FURTHER ORDER OF THE COURT. THE
BANKING INSTITUTION OR ASSOCIATION SHALL BE NAMED IN THE
ORDER. THE PERSONAL REPRESENTATIVE SHALL DELIVER THE
ACCOUNT BOOK TO THE PERSON OR TO SUCH PERSON, INCLUDING
THE REGISTER, AS THE PERSONAL REPRESENTATIVE WITH THE
APPROVAL OF THE COURT, CONSIDERS RESPONSIBLE AND
APPROPRIATE. WHEN THE MINOR REACHES THE AGE OF 18 OR A
GUARDIAN IS APPOINTED, THE FUNDS DEPOSITED AND THE
ACCOUNT BOOK SHALL BE DELIVERED TO THE MINOR, OR TO THE
GUARDIAN.

(E) APPOINTMENT OF CUSTODIAN.

IN ADDITION TO THE PROCEDURES IS SUBSECTION (A),
WHENEVER A PERSONAL REPRESENTATIVE IS REQUIRED TO
DISTRIBUTE PROPERTY INCLUDED WITHIN THE DEFINITION OF
"CUSTODIAL PROPERTY" AS DEFINED IN §13-301(B) OF THIS
ARTICLE, THE PERSONAL REPRESENTATIVE, WITH THE APPROVAL
OF THE COURT, MAY TRANSFER THE PROPERTY TO A CUSTODIAN
WHO SHALL HOLD OR DISPOSE OF THE PROPERTY IN ACCORDANCE
WITH THE PROVISIONS OF THE MARYLAND UNIFORM GIFTS TO
MINORS ACT. THE PERSONAL REPRESENTATIVE SHALL, SUBJECT
TO THE APPROVAL OF THE COURT, DESIGNATE THE CUSTODIAN,
WHO SHALL BE AN ADULT, A GUARDIAN OF THE PERSON UNDER 18
YEARS OF AGE, OR A TRUST COMPANY AS DEFINED IN §13-301(P)
OF THIS ARTICLE.

(C) TANGIBLE PERSONAL PROPERTY.

WHENEVER A PERSONAL REPRESENTATIVE IS REQUIRED TO
DISTRIBUTE TANGIBLE PERSONAL PROPERTY TO A PERSON UNDER
18 YEARS OF AGE AND THERE IS NO GUARDIAN OF THE MINOR,