WILLIAM DONALD SCHAEFER, Governor

Ch. 638

contract on the life of a person other than the minor shall be
the custodian as custodian for the minor for whom he is acting;
and

(2) May pay premiums on the policy or contract out of
the custodial property.]

[13-305.

(a)  A custodian is entitled to reimbursement from the
custodial property for his reasonable expenses incurred in the
performance of his duties.

(b)  A custodian may act without compensation for his
services.

(c)  Unless he is a donor, a custodian may receive from the
custodial property as reasonable compensation for his services
the fees that are customarily allowed in this State to trustees,
unless the donor directs otherwise when the gift is made.

(d)  Except as otherwise provided in this subtitle, a
custodian shall not be required to give a bond for the
performance of his duties.

(e)  A custodian not compensated for his services is not
liable for losses to the custodial property unless they result
from his bad faith, intentional wrongdoing or gross negligence or
from his failure to maintain the standard of prudence in
investing the custodial property provided in this subtitle.]

[13-306.

No issuer, transfer agent, bank, life insurance company,
broker or other person or financial institution acting on the
instructions of or otherwise dealing with any person purporting
to act as a donor or in the capacity of a custodian is
responsible for determining whether the person designated as
custodian by the purported donor or by the custodian or
purporting to act as custodian has been duly designated or
whether any purchase, sale, or transfer to or by or any other act
of any person purporting to act in the capacity of custodian is
in accordance with or authorized by this subtitle, or is obliged
to inquire into the validity or propriety under this subtitle of
any instrument or instructions executed or given by a person
purporting to act as a donor or in the capacity of a custodian,
or is bound to see to the application by any person purporting to
act in the capacity of a custodian of any money or other property
paid or delivered to him.]

[13-307.

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