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Maryland Code, Estates and Trusts § 13-209.1

Current as of December 31, 2021 | Updated by FindLaw Staff

(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.

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Cite this article: FindLaw.com - Maryland Code, Estates and Trusts § 13-209.1 - last updated December 31, 2021 | https://codes.findlaw.com/md/estates-and-trusts/md-code-est-and-trst-sect-13-209-1/

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