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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
Currentness
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 April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document