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§ 5-305. Regulations relating to deposits by minors

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 5. Banking Institutions--General Provisions
Subtitle 3. Deposits (Refs & Annos)
MD Code, Financial Institutions, § 5-305
§ 5-305. Regulations relating to deposits by minors
Currentness
If a deposit in a banking institution is made by and in the name of a minor:
(1) The institution shall hold the money for the exclusive benefit of the minor or that minor's creditors;
(2) The minor may withdraw money from the account; and
(3) A receipt signed by the minor discharges the institution for the withdrawal.

Credits

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980.
Formerly Art. 11, § 100.
MD Code, Financial Institutions, § 5-305, MD FIN INST § 5-305
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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