Article 5. Married Persons And Minors of California Financial Code >> Division 2. >> Chapter 5. >> Article 5.
Except as otherwise expressly provided in this article, an
association or federal association may issue savings accounts to any
married person or minor as the sole and absolute owner of the
account, and receive payments by or for the owner, and pay
withdrawals, accept pledges to the association, and act in any other
manner with respect to the accounts on the order of a married person
or minor. A married person or minor may establish a trust under
Sections 401 and 408 of the Internal Revenue Code of 1986, as
amended, and an association or federal association may issue savings
accounts to the trust.
Any payment or delivery of rights to a married person, to any
minor, or to a trust established by or for a married person, or a
minor, or a receipt or acquittance signed by a married person or by a
minor who holds a savings account, shall be a sufficient release of
the association or federal association for any payment made or
delivery of rights to the married person or minor.
(a) In the case of a minor, the receipt, acquittance, pledge,
or other action required by the association or federal association
to be taken by the minor shall be binding upon the minor with like
effect as if the minor were of full age and legal capacity.
(b) Except under subdivision (c), the parent or guardian of the
minor shall not have the power to attach or transfer any savings
account issued to or in the name of the minor, provided that a parent
or guardian of a minor aged 13 or less may require, by written
notice delivered to the office where the account is maintained, that
the signatures of both the minor and the parent or guardian be
required for withdrawals from the account.
(c) In the event of the death of a minor the receipt or
acquittance of either parent, guardian, or foster parent of the minor
is a sufficient discharge of the association or federal association
for any sums not exceeding in the aggregate two thousand five hundred
dollars ($2,500) unless the minor has given written notice to the
association or federal association to accept the signature of the
parent, guardian or foster parent to withdraw a greater amount.