Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-121. Trust accounts where trust instrument is not disclosed

Whenever an account shall be opened by any person, describing himself in opening such account as a trustee for another person or persons and no other or further notice of the existence and terms of a legal and valid trust than such description shall have been given in writing to such association, withdrawals from such account may be made on the signature of the person so described as trustee, and in the event of the death of such person, the withdrawal value of such account, or any part thereof, together with earnings thereon, may be paid to the person or persons for whom the account was thus stated to be opened. The receipt or acquittance of any such beneficiary or beneficiaries for the payments made in accordance with this section shall be a full, complete and valid release of the association from any further liability for the amounts so paid.