WILLIAM DONALD SCHAEFER, Governor Ch. 638

SECTION 2. 5. AND BE IT FURTHER ENACTED, That this Act

shall take effect July 1, 1989 and shall be applicable to all

taxable years beginning after December 31, 1988.

Approved May 25, 1989.

CHAPTER 638

(House Bill 87)

AN ACT concerning

Maryland Transfer of Property to Minors

FOR the purpose of enacting the Maryland Transfer of Property to
Minors Act; authorizing the nomination of a custodian by a
certain donor to take certain actions on behalf of a minor
beneficiary; providing a procedure for that nomination;
authorizing the transfer of certain properties to, or the
exercise of certain powers of appointment in favor of, a
custodian on behalf of a minor beneficiary; authorizing
personal representatives or trustees to make certain
transfers to custodians; specifying the conditions under
which custodial property is created and a transfer may be
made; specifying that the validity of a transfer is not
affected by certain circumstances; setting forth the powers
and responsibilities of a custodian; specifying that certain
persons dealing with a custodian or acting on instructions
of a custodian are not responsible for making certain
determinations; authorizing a procedure by which a custodian
may decline to serve or may resign; specifying the procedure
for making a claim against custodial property; stating that
the custodian and minor are not personally liable in certain
circumstances; authorizing a minor that attains a certain
age or others on the minor's behalf to designate a successor
custodian or to petition the court for an accounting of the
minor's assets and a determination of responsibility between
the custodial property and the custodian personally;
requiring the custodian to transfer custodial property to a
minor or minor's estate in certain circumstances; clarifying
that this Act is not the exclusive method for making
transfers to minors; defining certain terms; and generally
relating to the transfer of property to minor beneficiaries.

BY repealing

Article - Estates and Trusts

Section 13-301 through 13-310, inclusive, and the subtitle

"Subtitle 3. The Maryland Uniform Gifts to Minors

Act"

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