Ch. 638

LAWS OF MARYLAND

(8) If the gift is distributable by trustees under a
will or a living trust instrument, by the trustees making a
transfer of the property to a custodian, who shall hold or
dispose of the property in accordance with the provisions of the
Maryland Uniform Gifts to Minors Act. Unless the custodian, who
shall be an adult, a guardian of the minor, or a trust company,
is designated in the will or living trust instrument, the trustee
shall, subject to any limitations contained within the will or
living trust instrument, have the power to name as custodian an
adult, a guardian of the minor, or a trust company and shall
distribute the subject of the gift by transferring it in the
manner and form provided in the preceding paragraphs of this
subsection.

(b)  Any gift made in a manner prescribed in subsection (a)
may be made to only one minor and only one person may be the
custodian.

(b-1) A donor who makes a gift to a minor in a manner
prescribed in subsection (a) of this section may provide that the
custodian shall deliver, convey, or pay it over to the minor on
his attaining the age of 21 years.

(c)  A donor who makes a gift to a minor in a manner
prescribed in subsection (a) shall promptly do all things within
his power to put the subject of the gift in the possession and
control of the custodian, but neither the donor's failure to
comply with this subsection, nor his designation of an ineligible
person as custodian, nor renunciation by the person designated as
custodian affects the consummation of the gift.

(d)  Whether or not a gift of the ownership of a life
insurance policy or annuity contract has been made, the owner of
such a policy or contract may designate a custodian (or a
successor custodian) as the beneficiary of any such policy or
contract. When the custodian receives any proceeds of such policy
or contract, the proceeds shall at that time become custodial
property.]

[13-303.

(a)  A gift made in a manner prescribed in this subtitle is
irrevocable and conveys to the minor indefeasibly vested legal
title to the security, life insurance policy, annuity contract,
real estate, money, or any other property, but no guardian of the
minor has any right, power, duty or authority with respect to the
custodial property except as provided in this subtitle.

(b)  By making a gift in a manner prescribed in this
subtitle, the donor incorporates in his gift, living trust
instrument or will all the provisions of this subtitle and grants
to the custodian, and to any issuer, transfer agent, financial
institution, life insurance company, broker or third person

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