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184 LAWS OF MARYLAND [Ch. 11
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
DESIGNATION OF AN INELIGIBLE PERSON AS CUSTODIAN, NOR
RENUNCIATION BY THE PERSON DESIGNATED AS CUSTODIAN
AFFECTS THE CONSUMMATION OF THE GIFT.
(E) 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 CONTRACT. WHEN THE CUSTODIAN
RECEIVES ANY PROCEEDS OF SUCH POLICY OR CONTRACT, THE
PROCEEDS SHALL AT THAT TIME BECOME CUSTODIAL PROPERTY.
13-303. EFFECT OF GIFT.
(A) GIFT IRREVOCABLE; TITLE CONVEYED; POWERS 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 ESTATE, MONEY, OR ANY
OTHER PROPERTY, BUT NO GUARDIAN OF THE MINOR HAS ANY
RIGHT, POWER, DUTY OR AUTHORITY WITH RESPECT TO THE
CUSTODIAL PROPERTY EXCEPT AS PROVIDED IN THIS SUBTITLE.
(B) INCORPORATION OF PROVISIONS OF SUBTITLE.
BY MAKING A GIFT IN A MANNER PRESCRIBED IN THIS
SUBTITLE, THE DONOR INCORPORATES IN HIS GIFT, LIVING
TRUST INSTRUMENT OR WILL ALL THE PROVISIONS OF THIS
SUBTITLE AND GRANTS TO THE CUSTODIAN, AND TO ANY ISSUER,
TRANSFER AGENT, FINANCIAL INSTITUTION, LIFE INSURANCE
COMPANY, BROKER OR THIRD PERSON DEALING WITH A PERSON
DESIGNATED AS CUSTODIAN, THE RESPECTIVE POWERS, RIGHTS
AND IMMUNITIES PROVIDED IN THIS SUBTITLE.
13-304. DUTIES AND POWERS OR CUSTODIAN.
(A) MANAGEMENT OF CUSTODIAL PROPERTY.
THE CUSTODIAN SHALL COLLECT, HOLD, MANAGE, INVEST
AND REINVEST THE CUSTODIAL PROPERTY.
(B) EXPENDITURES WITHIN CUSTODIAN'S DISCRETION.
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