Md. Code, Est. & Trusts § 13-209.1

Current with changes from the 2024 Legislative Session
Section 13-209.1 - Form and limits of guardianship accounts
(a)
(1) Subject to paragraph (2) of this subsection, a guardian of the property of a minor or disabled person may petition the court to deposit cash belonging to the minor or disabled person in an amount not exceeding $200,000 into a single restricted account.
(2)
(i) If the amount of cash belonging to a minor or disabled person exceeds $200,000, any excess amount shall be deposited into additional restricted accounts.
(ii) The amount deposited in an additional restricted account under subparagraph (i) of this paragraph may not exceed $200,000.
(iii) The aggregate amount deposited in any financial institution may not exceed $200,000.
(b) A deposit under subsection (a) of this section may be made into any type of account, including a certificate of deposit, in a financial institution that:
(1) Accepts deposits; and
(2)
(i) Is federally insured; or
(ii) Is regulated by the Commissioner of Financial Regulation.

Md. Code, ET § 13-209.1

Added by 2013 Md. Laws, Ch. 196,Sec. 1, eff. 10/1/2013.