(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.
Maryland Legal Code