§ 5-305
59 words·~1 min read·
/md/financial-institutions/5-305A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§5–305.
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.