§ 605. Tentative trusts
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and BankingEffective: December 24, 2012
Effective: December 24, 2012
7 P.S. § 605
§ 605. Tentative trusts
(ii) if the account is stated to be held in trust for multiple individuals jointly, of all of such individuals or, upon satisfactory proof of death of one of them prior to the death of all the named depositors, of the survivor, if the arrangement previously agreed upon between the institution and the named depositors so provides; or
(iii) if the account is stated to be held in trust for multiple individuals successively, of the individual first named as the beneficiary, or, upon satisfactory proof of his death prior to the death of all the named depositors, of the successive individual for whom the account is stated to be held in trust in the alternative;
and, in the event any individual to whom such account is payable is a minor, may make payment to the minor without the assent of a parent or guardian, unless expressly provided otherwise in the deposit arrangement, and with the same effect as though the minor were an adult.
Credits
1965, Nov. 30, P.L. 847, No. 356, § 605. Amended 2012, Oct. 24, P.L. 1336, No. 170, § 29, effective in 60 days [Dec. 24, 2012].
7 P.S. § 605, PA ST 7 P.S. § 605
Current through the end of the 2023 Regular Session. Some statute sections may be more current, see credits for details.
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