Ch. 638

LAWS OF MARYLAND

RECEIVE THE CUSTODIAL PROPERTY, THE TRANSFER MUST BE MADE TO THAT
PERSON.

(C) IF NO CUSTODIAN HAS BEEN NOMINATED UNDER § 13-303 OF
THIS SUBTITLE, OR ALL PERSONS SO NOMINATED AS CUSTODIAN DIE
BEFORE THE TRANSFER OR ARE UNABLE, DECLINE, OR ARE INELIGIBLE TO
SERVE, A TRANSFER UNDER THIS SECTION MAY BE MADE TO AN ADULT
MEMBER OF THE MINOR'S FAMILY OR TO A TRUST COMPANY UNLESS THE
PROPERTY EXCEEDS $10,000 IN VALUE.

13-308.

A WRITTEN ACKNOWLEDGMENT OF DELIVERY BY A CUSTODIAN
CONSTITUTES A SUFFICIENT RECEIPT AND DISCHARGE FOR CUSTODIAL
PROPERTY TRANSFERRED TO THE CUSTODIAN PURSUANT TO THIS SUBTITLE.

13-309.

(A) CUSTODIAL PROPERTY IS CREATED AND A TRANSFER IS MADE
WHENEVER:

(1)  AN UNCERTIFICATED SECURITY OR A CERTIFICATED
SECURITY IN REGISTERED FORM IS EITHER:

(I)  REGISTERED IN THE NAME OF THE TRANSFEROR,
AN ADULT OTHER THAN THE TRANSFEROR, OR A TRUST COMPANY, FOLLOWED

IN SUBSTANCE BY THE WORDS: "AS CUSTODIAN FOR __________ (NAME OF

MINOR) UNDER THE MARYLAND UNIFORM TRANSFERS TO MINORS ACT"; OR

(II)  DELIVERED IF IN CERTIFICATED FORM, OR ANY
DOCUMENT NECESSARY FOR THE TRANSFER OF AN UNCERTIFICATED SECURITY
IS DELIVERED, TOGETHER WITH ANY NECESSARY ENDORSEMENT TO AN ADULT
OTHER THAN THE TRANSFEROR OR TO A TRUST COMPANY AS CUSTODIAN,
ACCOMPANIED BY AN INSTRUMENT IN SUBSTANTIALLY THE FORM SET FORTH
IN SUBSECTION (B) OF THIS SECTION;

(2)  MONEY IS PAID OR DELIVERED TO A BROKER OR
FINANCIAL INSTITUTION FOR CREDIT TO AN ACCOUNT IN THE NAME OF THE
TRANSFEROR, AN ADULT OTHER THAN THE TRANSFEROR, OR A TRUST
COMPANY, FOLLOWED IN SUBSTANCE BY THE WORDS: "AS CUSTODIAN FOR

__________ (NAME OF MINOR) UNDER THE MARYLAND UNIFORM TRANSFERS

TO MINORS ACT";

(3)  THE OWNERSHIP OF A LIFE OR ENDOWMENT INSURANCE
POLICY OR ANNUITY CONTRACT IS EITHER:

(I) REGISTERED WITH THE ISSUER IN THE NAME OF
THE TRANSFEROR, AN ADULT OTHER THAN THE TRANSFEROR, OR A TRUST
COMPANY, FOLLOWED IN SUBSTANCE BY THE WORDS: "AS CUSTODIAN FOR

___________ (NAME OF MINOR) UNDER THE MARYLAND UNIFORM TRANSFERS

TO MINORS ACT"; OR

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