2013 Maryland Code
ESTATES AND TRUSTS
§ 13-209 - Inventory and accounting
§13-209.
Inventory and accounting in proceedings under this subtitle shall be as provided by the Maryland Rules.
§ 13-209 - 1. Form and limits of guardianship accounts. [Effective October 1, 2013].
(a) In general. --
(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) Types of deposits. -- 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.
Disclaimer: These codes may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
