Section 13-306 - Same - In absence of express authority. - Maryland Statutes

§ 13-306. Same - In absence of express authority.
 

(a)  In general.- Subject to subsection (c) of this section, a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to § 13-309 of this subtitle, in the absence of a will or under a will or trust that does not contain an authorization to do so. 

(b)  By conservator.- Subject to subsection (c) of this section, a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to § 13-309 of this subtitle. 

(c)  Limitations.- A transfer under subsection (a) or (b) of this section may be made only if: 

(1) The personal representative, trustee, or conservator considers the transfer to be in the best interest of the minor; 

(2) The transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument; and 

(3) The transfer is authorized by the court if it exceeds $10,000 in value. 
 

[1989, ch. 638.]