6.2-1172 - (Effective October 1, 2010) Accounts issued in name of minor. - Virginia Statutes

§ 6.2-1172. (Effective October 1, 2010) Accounts issued in name of minor.

A savings institution may issue accounts to a minor as sole and absoluteowner of the account. With respect to any such account, a savings institutionmay (i) receive deposits by or for the minor owner, (ii) pay withdrawals,(iii) accept pledges to the association, and (iv) act in any other mannerwith respect to such accounts on the order of the minor owner. Any payment ordelivery of funds from such account to its owner, or payment of a check orother written order for withdrawal signed by its minor owner, shall be avalid and sufficient release and discharge of the institution for any paymentor delivery so made. The parent or guardian of the minor owner shall not inhis capacity as parent or guardian have the power to withdraw or transferfunds in any such account unless the minor has given written notice to theassociation to accept the signature of such parent or guardian.

(Code 1950, § 6-201.23; 1960, c. 402; 1966, c. 584, § 6.1-150; 1972, c. 796,6.1-195.25; 1985, c. 425, § 6.1-194.55; 2010, c. 794.)