Maryland § 13-501
Full text of Maryland Maryland Code § 13-501, with citation guidance and answers to common questions.
§ 13-501.
(a) (1) Any person, including but not limited to a personal representative or trustee, who is under a duty to pay or deliver money or tangible personal property to a minor may perform the duty by paying or delivering the money or chattel to the guardian of the minor.
(2) If there is no guardian, or if the guardian is unknown, payment or delivery in amounts or values not exceeding $5,000 per annum may be made to the parent or grandparent of the minor with whom the minor resides.
(3) If there is no guardian, parent, or grandparent with whom the minor resides, payment or delivery in amounts or values not exceeding $5,000 per annum may be made to a parent or other person standing in loco parentis with the minor, or deposited in a financial institution described in § 13–301(h) of this title.
(4) The payor is not under a duty to inquire whether the minor has a guardian.
(b) (1) A deposit in a financial institution shall be in the sole name of the minor.
(2) The minor may not withdraw any funds:
(i) Without an order of court; or
(ii) Until the minor attains majority.
(c) (1) Other than the minor or a financial institution, a person receiving money or property for a minor shall apply the money to the support and education of the minor.
(2) A person receiving money or property for a minor may not pay himself or herself except for reimbursement for out–of–pocket expenses for goods and services furnished by others which are necessary for the support of the minor.
(3) Any excess sums shall be preserved for future support of the minor, and any balance not so used and any tangible chattels received for the minor shall be turned over to the minor when the minor attains majority.
(d) (1) If a person owes money or property to a minor and pays or delivers it in accordance with this section, the person is not responsible for the proper application of the money or property.
(2) A release for any distribution signed by the distributee is a valid release.
Frequently Asked Questions About Maryland § 13-501
What does Maryland Code § 13-501 cover?
Section 13-501 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 13-501?
A common citation format is "Maryland Code § 13-501" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 13-501 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.