§412:4-107  Accounts of minors.  A
financial institution may open an account and accept deposits therein in the
name of a minor in the same manner as for an adult and the deposit shall be
held for the exclusive right and benefit of the minor, free from the control of
any other person.  All relations between the financial institution and the
minor shall be on the same basis as though the minor were an adult, and any
payment, transfer or withdrawal made to or on the order of the minor shall
operate to release and discharge the financial institution for the paid,
transferred or withdrawn funds with respect to all persons, and any pledge of
the account by the minor shall be valid.  Provided, however, that in case any
guardian, conservator or trustee is appointed for the minor by a court having
jurisdiction, the financial institution may pay over or credit to the guardian,
conservator or trustee the deposit and interest or dividends pertaining
thereto, and such payment or credit shall operate to release and discharge the
financial institution from further liability to the guardian, conservator or
trustee and to the minor with respect to the funds so paid or credited.  No
action at law or equity may be maintained against the financial institution for
payment, transfer, withdrawal or pledge made in accordance with this section.
[L 1993, c 350, pt of §1]



 



Cross References



 



  Uniform Transfers to Minors Act, see chapter 553A.