§ 13-306. Irrevocable transfer by personal representative or trustee -- In absence of express authority

   (a) In general. -- Subject to subsection (c) of this section, a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to § 13-309 of this subtitle, in the absence of a will or under a will or trust that does not contain an authorization to do so.

(b) By conservator. -- Subject to subsection (c) of this section, a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to § 13-309 of this subtitle.

(c) Limitations. -- A transfer under subsection (a) or (b) of this section may be made only if:

   (1) The personal representative, trustee, or conservator considers the transfer to be in the best interest of the minor;

   (2) The transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument; and

   (3) The transfer is authorized by the court if it exceeds $ 10,000 in value.

HISTORY: 1989, ch. 638; 2012, chs. 68, 69.