§412:4-107  Accounts of minors.  Afinancial institution may open an account and accept deposits therein in thename of a minor in the same manner as for an adult and the deposit shall beheld for the exclusive right and benefit of the minor, free from the control ofany other person.  All relations between the financial institution and theminor shall be on the same basis as though the minor were an adult, and anypayment, transfer or withdrawal made to or on the order of the minor shalloperate to release and discharge the financial institution for the paid,transferred or withdrawn funds with respect to all persons, and any pledge ofthe account by the minor shall be valid.  Provided, however, that in case anyguardian, conservator or trustee is appointed for the minor by a court havingjurisdiction, the financial institution may pay over or credit to the guardian,conservator or trustee the deposit and interest or dividends pertainingthereto, and such payment or credit shall operate to release and discharge thefinancial institution from further liability to the guardian, conservator ortrustee and to the minor with respect to the funds so paid or credited.  Noaction at law or equity may be maintained against the financial institution forpayment, 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.