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§ 13-209.1. Cash deposits into single restricted accounts

West's Annotated Code of MarylandEstates and TrustsEffective: October 1, 2013

West's Annotated Code of Maryland
Estates and Trusts (Refs & Annos)
Title 13. Protection of Minors, Disabled Persons, Susceptible Adults, and Older Adults (Refs & Annos)
Subtitle 2. Protection of Property (Refs & Annos)
Effective: October 1, 2013
MD Code, Estates and Trusts, § 13-209.1
§ 13-209.1. Cash deposits into single restricted accounts
In general
(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.
Type of account and qualifications of financial institution
(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.

Credits

Added by Acts 2013, c. 196, § 1, eff. Oct. 1, 2013.
MD Code, Estates and Trusts, § 13-209.1, MD EST & TRST § 13-209.1
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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