MARVIN MANDEL, Governor                                   195

THE TRUSTEE PROVIDED FOR IN THIS SUBTITLE NEED NOT
FILE ANY ACCOUNTS OF HIS TRUSTEESHIP WITH ANY COURT.

REVISOR'S NOTE: This section presently appears as
Art. 93A, §407. The only changes are in
language and style.

SUBTITLE 5. MISCELLANEOUS PROVISIONS RELATING TO MINORS.
13-501. PAYMENT ON DELIVERY OF MONEY OR CHATTELS.

(A)   METHOD OF PAYMENT.

ANY PERSON, INCLUDING BUT NOT LIMITED TO A PERSONAL
REPRESENTATIVE OR TRUSTEE, WHO IS UNDER A DUTY TO PAY OR
DELIVER MONEY OR TANGIBLE PERSONAL PROPERTY TO A MINOR
MAY PERFORM THE DUTY BY PAYING OR DELIVERING THE MONEY OR
CHATTEL TO THE GUARDIAN OF THE MINOR. IF THERE IS NO
GUARDIAN, OR IF HE IS UNKNOWN, PAYMENT OR DELIVERY IN

AMOUNTS OR VALUES NOT EXCEEDING $5,000 PER ANNUM

[[SHALL]] MAY BE MADE TO THE PARENT OR GRANDPARENT OF THE
MINOR WITH WHOM HE RESIDES. IE THERE IS NO GUARDIAN,
PARENT, OR GRANDPARENT WITH WHOM THE MINOR RESIDES,
PAYMENT OR DELIVERY IN AMOUNTS OR VALUES NOT EXCEEDING
$5,000 PER ANNUM [[SHALL]] MAY BE MADE TO A PARENT OR
OTHER PERSON STANDING IN LOCO PARENTIS WITH THE MINOR, OR
DEPOSITED IN A FINANCIAL INSTITUTION DESCRIBED IN
§13-301(G)[[,]] [[OR AS OTHERWISE]] [[ORDERED BY THE
COURT.]] THE PAYOR IS NOT UNDER A DUTY TO INQUIRE
WHETHER THE MINOR HAS A GUARDIAN.

(B)   DEPOSIT IN FINANCIAL INSTITUTION.

A DEPOSIT IN A FINANCIAL INSTITUTION SHALL BE IN THE
SOLE NAME OF THE MINOR. THE MINOR MAY NOT WITHDRAW ANY
FUNDS WITHOUT AN ORDER OF COURT OR UNTIL HE ATTAINS HIS
MAJORITY.

(C)   OBLIGATIONS OF PERSONS RECEIVING FUNDS.

OTHER THAN THE MINOR OR A FINANCIAL INSTITUTION, A
PERSON RECEIVING MONEY OR PROPERTY FOR A MINOR SHALL
APPLY THE MONEY TO THE SUPPORT AND EDUCATION OF THE
MINOR. HE MAY NOT PAY HIMSELF EXCEPT FOR REIMBURSEMENT
FOR OUT-OF-POCKET EXPENSES FOR GOODS AND SERVICES
FURNISHED BY OTHERS WHICH ARE NECESSARY FOR THE SUPPORT
OF THE MINOR. ANY EXCESS SUMS SHALL BE PRESERVED FOR
FUTURE SUPPORT OF THE MINOR, AND ANY BALANCE NOT SO USED
AND ANY TANGIBLE CHATTELS RECEIVED FOR THE MINOR SHALL BE
TURNED OVER TO THE MINOR WHEN HE ATTAINS MAJORITY.

(D)   EFFECT OF RELEASE.

IF A PERSON OWES MONEY OR PROPERTY TO A MINOR AND