2015 Maryland Code
ESTATES AND TRUSTS
Title 13 - PROTECTION OF MINORS AND DISABLED PERSONS
Subtitle 3 - MARYLAND UNIFORM TRANSFERS TO MINORS ACT
§ 13-309 - Creation of custodial property; when transfer made

(a) In general. -- Custodial property is created and a transfer is made whenever:

(1) An uncertificated security or a certificated security in registered form is either:

(i) Registered in the name of the transferor, an adult other than the
transferor, or a trust company, followed in substance by the words: "As
custodian for (name of minor) under the Maryland Uniform Transfers to
Minors Act"; or

(ii) Delivered if in certificated form, or any document necessary for
the transfer of an uncertificated security is delivered, together with any
necessary endorsement to an adult other than the transferor or to a trust
company as custodian, accompanied by an instrument in substantially the form
set forth in subsection (b) of this section;

(2) Money is paid or delivered to a broker or financial institution for
credit to an account in the name of the transferor, an adult other than the
transferor, or a trust company, followed in substance by the words: "As
custodian for (name of minor) under the Maryland Uniform Transfers to
Minors Act";

(3) The ownership of a life or endowment insurance policy or annuity
contract is either:

(i) Registered with the issuer in the name of the transferor, an
adult other than the transferor, or a trust company, followed in substance by
the words: "As custodian for (name of minor) under the Maryland
Uniform Transfers to Minors Act"; or

(ii) Assigned in a writing delivered to an adult other than the
transferor or to a trust company whose name in the assignment is followed in
substance by the words: "As custodian for (name of minor) under the
Maryland Uniform Transfers to Minors Act";

(4) An irrevocable exercise of a power of appointment or an irrevocable
present right to future payment under a contract is the subject of a written
notification delivered to the payor, issuer, or other obligor that the right
is transferred to the transferor, an adult other than the transferor, or a
trust company, whose name in the notification is followed in substance by the
words: "As custodian for (name of minor) under the Maryland Uniform
Transfers to Minors Act";

(5) An interest in real property is recorded in the name of the
transferor, an adult other than the transferor, or a trust company, followed
in substance by the words: "As custodian for (name of minor) under
the Maryland Uniform Transfers to Minors Act";

(6) A certificate of title issued by a department or agency of a state
or of the United States which evidences title to tangible personal property is
either:

(i) Issued in the name of the transferor, an adult other than the
transferor, or a trust company, followed in substance by the words: "As
custodian for (name of minor) under the Maryland Uniform Transfers to
Minors Act"; or

(ii) Delivered to an adult other than the transferor or to a trust
company, endorsed to that person, followed in substance by the words: "As
custodian for (name of minor) under the Maryland Uniform Transfers to
Minors Act"; or

(7) An interest in any property not described in paragraphs (1) through
(6) of this subsection is transferred to an adult other than the transferor or
to a trust company by a written instrument in substantially the form set forth
in subsection (b) of this section.

(b) Form of instrument. -- An instrument in the following form satisfies
the requirements of subsection (a)(1)(ii) and (7) of this section:

"Transfer Under the Maryland Uniform
Transfers to Minors Act

I, (name of transferor or name and representative capacity if a
fiduciary) hereby transfer to (name of custodian), as custodian for
(name of minor) under the Maryland Uniform Transfers to Minors Act,
the following: (insert a description of the custodial property sufficient to
identify it).

Dated:

(signature)

(name of custodian) acknowledges receipt of the property described
above as custodian for the minor named above under the Maryland Uniform
Transfers to Minors Act.

Dated:

"

(signature of custodian)

(c) Custodian to be placed in control of property. -- A transferor shall place the custodian in control of the custodial property as soon as practicable.