§ 5–305

Statutes in effect as of October 1, 2026.

Md. Code Ann., Fin. Inst. § 5-305 (2026)

Title 5. Banking Institutions -- General Provisions

Subtitle 3. Deposits

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.