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2005 LAWS OF MARYLAND
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Ch. 455
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[(p)](Q) "Transferor" means a person who makes a transfer under this
subtitle.
13-314.
(a) A custodian may deliver or pay to the minor or expend for the minor's
benefit so much of the custodial property as the custodian considers advisable for the
use and benefit of the minor, without court order and without regard to:
(1) The duty or ability of the custodian personally or of any other person
to support the minor; or
(2) Any other income or property of the minor which may be applicable
or available for that purpose.
(B) (1) SUBJECT TO PARAGRAPHS (3) AND (4) OF THIS SUBSECTION, A
CUSTODIAN MAY TRANSFER ALL OR PART OF THE CUSTODIAL PROPERTY TO A
QUALIFIED MINOR'S TRUST WITHOUT A COURT ORDER
(2) A TRANSFER OF CUSTODIAL PROPERTY TO A QUALIFIED MINOR'S
TRUST TERMINATES THE CUSTODIANSHIP OF THAT PROPERTY TO THE EXTENT OF
THE TRANSFER.
(3) CUSTODIAL PROPERTY CREATED UNDER A TESTAMENTARY
INSTRUMENT MAY NOT BE TRANSFERRED UNDER THIS SUBSECTION UNLESS THE
TRANSFER IS EXPRESSLY AUTHORIZED BY THE INSTRUMENT.
(4) FOR AN INTER VIVOS TRANSFER UNDER THIS SUBSECTION TO BE
VALID, THE INSTRUMENT THAT CREATED THE CUSTODIAL PROPERTY SHALL
CONTAIN IN CONSPICUOUS TYPE A STATEMENT THAT THE TRANSFEROR OF THE
PROPERTY ELECTS TO GRANT THE CUSTODIAN THE AUTHORITY TO TRANSFER ALL
OR PART OF THE CUSTODIAL PROPERTY TO A QUALIFIED MINOR'S TRUST WITHOUT A
COURT ORDER
[(b)] (C) On petition of an interested person or the minor if the minor has
attained the age of 14 years, the court may order the custodian to deliver or pay to the
minor or expend for the minor's benefit so much of the custodial property as the court
considers advisable for the use and benefit of the minor.
[(c)] (D) A delivery, payment, or expenditure under this section is in addition
to, not in substitution for, and does not affect any obligation of a person to support the
minor.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall be
construed to apply only prospectively and may not be applied or interpreted to have
any effect on or application to any custodial property created before the effective date of
this Act.
SECTION 2. 3. AND BE IT FURTHER ENACTED, That this Act shall take
effect October 1, 2005.
Approved May 26, 2005.
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- 2554 -
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