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ROBERT L. EHRLICH, JR., Governor Ch. 455
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the transfer of certain custodial property to a qualified minor's trust terminates
the custodianship of that property to a certain extent; defining a certain term;
providing for the application of this Act; and generally relating to transfers of
custodial property to certain trusts.
BY repealing and reenacting, without amendments,
Article - Estates and Trusts
Section 13-301(a)
Annotated Code of Maryland
(2001 Replacement Volume and 2004 Supplement)
BY adding to
Article - Estates and Trusts
Section 13-301(n)
Annotated Code of Maryland
(2001 Replacement Volume and 2004 Supplement)
BY repealing and reenacting, with amendments,
Article - Estates and Trusts
Section 13-301(n), (o), and (p) and 13-314
Annotated Code of Maryland
(2001 Replacement Volume and 2004 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Estates and Trusts
13-301.
(a) In this subtitle the following words have the meanings indicated.
(N) (1) "QUALIFIED MINOR'S TRUST" MEANS A TRUST, INCLUDING A TRUST
CREATED BY A CUSTODIAN FOR THE USE AND BENEFIT OF A MINOR:
(I) (1) OF WHICH A MINOR IS THE SOLE BENEFICIARY DURING
THE MINOR'S LIFETIME; AND
(II) (2) THAT MEETS THE REQUIREMENTS OF § 2503(C) OF THE
INTERNAL REVENUE CODE AND THE REGULATIONS IMPLEMENTING THAT SECTION.
(2) "QUALIFIED MINOR'S TRUST" INCLUDES A TRUST CREATED BY THE
CUSTODIAN FOR THE USE AND BENEFIT OF THE MINOR
[(n)](O) "State" includes any state of the United States, the District of
Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject
to the legislative authority of the United States.
[(o)] (P) "Transfer" means a transaction that creates custodial property under
§ 13-309 of this subtitle.
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