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Maryland Code, Financial Institutions § 5-305

Current as of January 01, 2025 | Updated by Findlaw Staff

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.

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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 5-305 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-5-305/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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