§ 1917 — Investment by minors

(a) Any building and loan association in this State may receive funds for investment in the shares of the association from or in the name of a minor. When an investment shall be made in the shares of a building and loan association by a minor or in the name of a minor, the funds shall be held for the benefit of the investor in the same way and to the same extent as if the investor were an adult person. A minor may make drafts upon or withdrawals of his or her investment to the same extent as if he or she were an adult person and the funds shall be paid, together with dividends or interest thereon, to the person in whose name the investment shall have been made, or upon his or her written order. The receipt or acquittance of a minor shall be a valid and sufficient release and discharge to the association for the return of any investment, dividends or interest, or any part thereof.

(b) Any building and loan association shall have the right to refuse to receive funds offered for investment by or in the name of a minor.

(c) A minor investing funds in the shares of a building and loan association shall be subject, in all transactions connected therewith, as between himself or herself and the association, to all obligations, equities and defenses to which an adult person would be subject in similar transactions.

Legislative History

5 Del. C. 1953, § 1917; 50 Del. Laws, c. 218, § 4 ; 70 Del. Laws, c. 186, § 1