Ch. 638

LAWS OF MARYLAND

directly or through a committee or other agent, to the
reorganization, consolidation, merger, dissolution, or
liquidation of an issuer, a security of which is custodial
property, and to the sale, lease, pledge, or mortgage of any
property by or to such an issuer, and to any other action by such
an issuer. He may execute and deliver any and all instruments in
writing which he deems advisable to carry out any of his powers
as custodian. With respect to any interest in real estate, he may
perform the same acts that any unmarried adult could perform,
including, but not limited to, the power to, buy, sell, assign,
transfer, convey, dedicate, partition, exchange, mortgage, create
or redeem ground rents, deeds, grant or exercise options, effect
and keep in force fire, rent, liability, casualty, and other
insurance; make, execute, acknowledge, and deliver deeds,
conveyances, mortgages, releases, leases, including leases for
ninety-nine years renewable forever, and leases extending beyond
the minority of the minor; collect rents; improve, subdivide, or
develop property; construct, alter, demolish, or repair property;
settle boundary lines and easements; pay taxes; and protect
assessments.

(g) The custodian shall register each security which is
custodial property and in registered form in the name of the
custodian, followed, in substance, by the words: "as custodian

for ..... (name of minor) under the Maryland Uniform Gifts to

Minors Act". The custodian shall hold all money which is
custodial property in an account with a broker or in an insured
financial institution in the name of the custodian, followed, in

substance, by the words: "as custodian for ..... (name of minor)

under the Maryland Uniform Gifts to Minors Act". The custodian
shall keep all other custodial property separate and distinct
from his own property in a manner to identify it clearly as
custodial property.

(h) The custodian shall keep records of all transactions
with respect to the custodial property and make them available
for inspection at reasonable intervals by a parent or legal
representative of the minor or by the minor, if he has attained
the age of 14 years.

(i) A custodian has with respect to the custodial property,
in addition to the rights and powers provided in this subtitle,
all the rights and powers which a guardian has with respect to
property not held as custodial property.

(j) If the subject of the gift is a life insurance policy
or annuity contract, the custodian:

(1) Has, in his capacity as custodian, all the
incidents of ownership in the policy or contract to the extent as
if he were the owner, except that the designated beneficiary of
any policy or contract on the life of the minor shall be the
minor's estate and the designated beneficiary of any policy or

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