Ch. 638

LAWS OF MARYLAND

(a)  Any adult or trust company eligible to become a
custodian shall also be eligible to become successor custodian. A
custodian may designate his successor by executing and dating an
instrument of designation before a subscribing witness other than
the successor; the instrument of designation may but need not
contain the resignation of the custodian. A successor custodian
has all the rights, powers, duties, and immunities of a custodian
designated in a manner prescribed by this subtitle.

(b)  The designation of a successor custodian as provided in
subsection (a) takes effect as to each item of the custodial
property when the custodian resigns, dies or becomes legally
incapacitated and the custodian or his legal representative:

(1)  Causes the item, if it is a security in
registered form, a life insurance policy or annuity contract, or
an interest in real property, to be registered in the name of or
conveyed to the successor custodian followed, in substance, by
the words: "as custodian for ................ under the Maryland

(name of minor)
Uniform Gifts to Minors Act"; and

(2)  Delivers or causes to be delivered to the
successor custodian any other item of the custodial property,
together with the instrument of designation of the successor
custodian or a true copy thereof and any additional instruments
required for the transfer thereof to the successor custodian.

(c)  A custodian who executes an instrument of designation
of his successor containing the custodian's resignation as
provided in subsection (a) shall promptly do all things within
his power to put each item of the custodial property in the
possession and control of the successor custodian named in the
instrument. The legal representative of a custodian who dies or
becomes legally incapacitated shall promptly do all things within
his power to put each item of the custodial property in the
possession and control of the successor custodian named in an
instrument of designation executed as provided in subsection (a)
by the custodian or, if none, in the possession and control of
the guardian of the minor if he has a guardian. If the custodian
has executed as provided in subsection (a) more than one
instrument of designation, his legal representative shall treat
the instrument dated on an earlier date as having been revoked by
the instrument dated on a later date.

(d)  (1) If the minor has a guardian, and if a person
designated as custodian or as successor custodian or by the
custodian as provided in subsection (a) of this section is not
eligible, dies or becomes legally incapacitated, the guardian of
the minor shall be custodian or successor custodian.

(2) If the minor has no guardian and if no successor
custodian who is eligible and has not died or become legally

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