§ 13–209.1
Statutes in effect as of October 1, 2026.
Md. Code Ann., Est. & Trusts § 13-209.1 (2026)
Title 13. Protection of Minors, Disabled Persons, Susceptible Adults, and Older Adults
Subtitle 2
§ 13–209.1LinkCopy Citation
(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.