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Can you summarize 5 DECO 920?
General Provisions > Deposits by minors.
Short Summary
This legal document, found in the Delaware Code under the Banking section, specifically addresses the acceptance of deposits by minors. It states that banks, savings banks, savings institutions, and trust companies in Delaware are allowed to receive money on deposit from or in the name of any minor. The deposited money is held for the benefit of the minor depositor, who has the same rights as an adult depositor. The minor can make drafts or withdrawals from their deposits, and the deposits, along with any dividends and interest, can be paid to the person in whose name the deposit was made or upon their written order. The receipt or acquittance of a minor is considered a valid release and discharge for the deposit. However, the document also mentions that banks, savings banks, savings institutions, or trust companies have the right to refuse any deposit offered by or in the name of a minor. It further states that in all transactions related to the deposited money, the minor is subject to the same obligations, equities, and defenses as an adult person. The document does not specify any penalties or exemptions related to deposits by minors.
Whom does it apply to?
Banks, savings banks, savings institutions, and trust companies in the state of Delaware
What does it govern?
Deposits by minors
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Delaware