Montana Code 32-2-917. Deposit in name of minor
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32-2-917. Deposit in name of minor. Whenever a deposit is made in a mutual association by or in the name of a minor, the deposit must be held for the exclusive right and benefit of the minor and free from the control or lien of all other persons, except creditors, and must be paid, with any interest due, to the person in whose name the deposit was made. The receipt of the minor is a sufficient release or discharge for the deposit to the mutual association.
Terms Used In Montana Code 32-2-917
- Deposit: has the meaning provided in 12 C. See Montana Code 32-2-603
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mutual association: means any corporation that has been incorporated to conduct the business of receiving money on deposit from its members and making substantially all of its loans on one-to-four family real estate mortgage security. See Montana Code 32-2-603
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201