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§ 603. Minor’s deposits and safe-deposit agreements

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and Banking

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 7 P.S. Banks and Banking (Refs & Annos)
Banking Code of 1965 (Refs & Annos)
Chapter 6. Rules Concerning Deposits, Safe-Deposit Agreements and Money Received for Transmission (Refs & Annos)
7 P.S. § 603
§ 603. Minor’s deposits and safe-deposit agreements
(a) Receipt of deposits--An institution may receive deposits by or in the name of:
(i) a minor,
(ii) a minor jointly with one or more adults or other minors, with the same effect as a joint deposit under section 604,1 or
(iii) a minor as trustee, or a minor and one or more adults or other minors as trustees, with the same effect as a deposit in trust under section 605.2
(b) Safe-deposit agreements--An institution may rent a safe-deposit box or other receptacle for safe-deposit of property to, and receive property for safe-deposit from, a married minor and spouse, whether adult or minor, jointly.
(c) Dealings with minor--An institution may deal with a minor with respect to a deposit account or safe-deposit agreement covered by subsections (a) or (b) of this section without the consent of a parent or guardian and with the same effect as though the minor were an adult. A parent or guardian shall not have any right in that capacity to interfere with any such transaction. Any action of the minor with respect to such deposit account or safe-deposit agreement shall be binding on the minor with the same effect as though an adult. This section 603 shall not affect the law governing transactions with minors in cases outside the scope of this section.

Credits

1965, Nov. 30, P.L. 847, No. 356, § 603.

Footnotes

7 P.S. § 604.
7 P.S. § 605.
7 P.S. § 603, PA ST 7 P.S. § 603
Current through 2022 Regular Session Act 166. Some statute sections may be more current, see credits for details.
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