1. (a) 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.
2. (b) 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.

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

   1. (1) The personal representative, trustee, or conservator considers the transfer to be in the best interest of the minor;
   2. (2) The transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument; and
   3. (3) The transfer is authorized by the court if it exceeds $25,000 in value.

Added by Acts 1989, c. 638, § 1, eff. July 1, 1989. Amended by Acts 2012, c. 68, § 1, eff. Oct. 1, 2012; Acts 2012, c. 69, § 1, eff. Oct. 1, 2012; Acts 2024, c. 314, § 1, eff. Oct. 1, 2024; Acts 2024, c. 315, § 1, eff. Oct. 1, 2024.