Section 5-305 - Deposits by minors.
§ 5-305. Deposits by minors.
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.
[An. Code 1957, art. 11, § 100; 1980, ch. 33, § 2.]