An association and any federal savings and loan association may issue savings accounts to any minor as the sole and absolute owner of such savings account, and receive payments thereon by or for such owner, and pay withdrawals, accept pledges to the association, and act in any other manner with respect to such accounts on the order of such minor. Any payment or delivery of rights by a minor who holds a savings account, shall be a valid and sufficient release and discharge of such institution for any payment so made or delivery of rights to such minor. The receipt, acquittance, pledge or other action required by the institution to be taken by the minor shall be binding upon such minor with like effect as if he were of full age and legal capacity. The parent or guardian of such minor shall not in his capacity as parent or guardian have the power to attach or in any manner to transfer any savings account issued to or in the name of such minor, provided, however, that in the event of the death of such minor the receipt or acquittance of either parent or of a person standing in loco parentis to such minor shall be a valid and sufficient discharge of such institution for any sum or sums not exceeding in the aggregate $1,000 unless the minor shall have given written notice to the institution not to accept the signature of such parent or person.
Effective: June 21, 1974

Terms Used In Kentucky Statutes 286.5-381

  • Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
  • Association: means a savings and loan association subject to the provisions of this subtitle and as used in KRS §. See Kentucky Statutes 286.5-011
  • Federal: refers to the United States. See Kentucky Statutes 446.010
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Minor: means a person over fourteen (14) years of age and under eighteen (18)
    years of age. See Kentucky Statutes 286.5-011
  • Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
  • Person: means a natural person, or any type or form of corporation, company, partnership, proprietorship, association, or other legal entity. See Kentucky Statutes 286.1-010
  • Savings account: means that part of the savings liability of the association which is
    credited to the account of the holders thereof. See Kentucky Statutes 286.5-011
  • Statute: A law passed by a legislature.

History: Amended 1974 Ky. Acts ch. 386, sec. 57, effective June 21, 1974. — Created
1964 Ky. Acts ch. 138, sec. 63 (3), effective June 18, 1964.
Formerly codified as KRS § 289.381.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286.