5103 - Sequestered deposit. - Pennsylvania Statutes

§ 5103. Sequestered deposit. Without the appointment of a guardian, any amount in cash of a resident or nonresident minor may be ordered by the court to be deposited in one or more savings accounts in the name of the minor in banks, building and loan associations or savings and loan associations insured by a Federal governmental agency, provided that the amount deposited in any one such savings institution shall not exceed the amount to which accounts are thus insured. Every such order shall contain a provision that no withdrawal can be made from any such account until the minor attains his majority, except as authorized by a prior order of the court. (Dec. 10, 1974, P.L.867, No.293, eff. imd.) 1974 Amendment. Act 293 added section 5103. Cross References. Section 5103 is referred to in section 5505 of this title.