WILLIAM DONALD SCHAEFER, Governor Ch. 638

(B)  EXCEPT FOR ONE WHO IS A TRANSFEROR UNDER § 13-304 OF
THIS SUBTITLE, A CUSTODIAN HAS A NONCUMULATIVE ELECTION DURING
EACH CALENDAR YEAR TO CHARGE REASONABLE COMPENSATION FOR SERVICES
PERFORMED DURING THAT YEAR.

(C)  EXCEPT AS PROVIDED IN § 13-318(F) OF THIS SUBTITLE, A
CUSTODIAN NEED NOT GIVE A BOND.

13-316.

A THIRD PERSON IN GOOD FAITH AND WITHOUT COURT ORDER MAY ACT
ON THE INSTRUCTIONS OF OR OTHERWISE DEAL WITH ANY PERSON
PURPORTING TO MAKE A TRANSFER OR PURPORTING TO ACT IN THE
CAPACITY OF A CUSTODIAN AND, IN THE ABSENCE OF KNOWLEDGE, IS NOT
RESPONSIBLE FOR DETERMINING:

(1)  THE VALIDITY OF THE PURPORTED CUSTODIAN'S
DESIGNATION;

(2)  THE PROPRIETY OF, OR THE AUTHORITY UNDER THIS
SUBTITLE FOR, ANY ACT OF THE PURPORTED CUSTODIAN;

(3)  THE VALIDITY OR PROPRIETY UNDER THIS SUBTITLE OF
ANY INSTRUMENT OR INSTRUCTIONS EXECUTED OR GIVEN EITHER BY THE
PERSON PURPORTING TO MAKE A TRANSFER OR BY THE PURPORTED
CUSTODIAN; OR

(4)  THE PROPRIETY OF THE APPLICATION OF ANY PROPERTY
OF THE MINOR DELIVERED TO THE PURPORTED CUSTODIAN.

13-317.

(A)  A CLAIM BASED ON ANY OF THE FOLLOWING MAY BE ASSERTED
AGAINST THE CUSTODIAL PROPERTY BY PROCEEDING AGAINST THE
CUSTODIAN IN THE CUSTODIAL CAPACITY, WHETHER OR NOT THE CUSTODIAN
OR THE MINOR IS PERSONALLY LIABLE:

(1)  ON A CONTRACT ENTERED INTO BY A CUSTODIAN ACTING
IN A CUSTODIAL CAPACITY;

(2)  FOR AN OBLIGATION ARISING FROM THE OWNERSHIP OR
CONTROL OF CUSTODIAL PROPERTY; OR

(3)  ON A TORT COMMITTED DURING THE CUSTODIANSHIP.

(B)  A CUSTODIAN IS NOT PERSONALLY LIABLE:

(1) ON A CONTRACT PROPERLY ENTERED INTO IN THE
CUSTODIAL CAPACITY UNLESS THE CUSTODIAN FAILS TO REVEAL THAT
CAPACITY AND TO IDENTIFY THE CUSTODIANSHIP IN THE CONTRACT; OR

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