§ 13-209.1
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/md/estates-and-trusts/13-209-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§13–209.1.
(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.
(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
(i)Is federally insured; or
(ii)Is regulated by the Commissioner of Financial Regulation.