§ 5-305

Maryland § 5-305

• Jurisdiction: Maryland
• Article gfi: Financial Institutions
• Title: 5

Text

If a deposit in a banking institution is made by and in the name of a minor:

(1) The institution shall hold the money for the exclusive benefit of the minor or that minor’s creditors;

(2) The minor may withdraw money from the account; and

(3) A receipt signed by the minor discharges the institution for the withdrawal.