196                                          LAWS OF MARYLAND                           [Ch. 11

PAYS OR DELIVERS IT IN ACCORDANCE WITH THIS SECTION HE IS
NOT RESPONSIBLE FOR THE PROPER APPLICATION OF THE MONEY
OR PROPERTY. A RELEASE FOR ANY DISTRIBUTION SIGNED BY
THE DISTRIBUTEE IS A VALID RELEASE.

REVISOR'S NOTE: This section presently appears as
Art. 93A, §501 (a). Because of the length of
this section it is rewritten as four
subsections. This is achieved by combining
provisions concerning the same subject matter
and eliminating repetitious language. The
concept of delivering $5,000 directly to a
minor who is 18 is eliminated because all
minors are now under 18. The limited
exception for married minors is deleted. The
only other changes are in language and style.

13-502. ABSENCE OF GUARDIAN.

(A) COURT ORDER FOR DEPOSIT OF FUNDS.

IF MONEY IS DISTRIBUTABLE FROM A TRUST OR ESTATE OR
FROM ANY OTHER SOURCE TO A MINOR AND THERE IS NO LEGALLY
APPOINTED GUARDIAN OF THE PROPERTY OF THE MINOR, THE
CIRCUIT COURT OF THE COUNTY IN WHICH THE MINOR RESIDES OR
THE COURT IN WHICH THE ESTATE IS BEING ADMINISTERED MAY
ORDER THAT THE MONEY BE DEPOSITED IN ANY FINANCIAL
INSTITUTION DESCRIBED IN §13-301(G) TO BE NAMED IN THE
ORDER SO THAT IT DRAWS INTEREST IN THE NAME OF THE MINOR.

(B) FUNDS UNDER COURT JURISDICTION.

THE FUNDS SO DEPOSITED REMAIN SUBJECT TO THE ORDER
OF THE COURT. THE TRUSTEE OR ANY PERSON HAVING CUSTODY
OF THE MINOR SHALL RETAIN THE BOOK OF DEPOSIT OR RECEIPT
FOR THE DEPOSIT UNTIL THE MINOR REACHES THE AGE OF
MAJORITY, OR A GUARDIAN IS APPOINTED, AND THE ORDER AND
DEPOSIT MADE PURSUANT TO IT CONSTITUTE A RELEASE TO THE
TRUSTEE OR PERSONAL REPRESENTATIVE.

REVISOR'S NOTE: This section presently appears as
Art. 93A, §501(b). It is rewritten as one
section which is divided into two subsections.
The only other changes are in style and
language.

13-503. POWERS EXERCISABLE DIRECTLY BY MINORS.
(A) CONVEYANCE BY MARRIED MINOR.

A MINOR WHO HOLDS TITLE TO PROPERTY AS A TENANT BY
THE ENTIRETY WITH A SPOUSE WHO HAS REACHED THE AGE OF
MAJORITY IS AUTHORIZED TO JOIN WITH THE SPOUSE IN ANY
DEED AS DEFINED IN § 1-101 OF THE REAL PROPERTY ARTICLE,