New York Laws
Article 10 - Savings and Loan Associations
394 - Joint Shares; Shares of Minors; Shares in Trust.

§ 394. Joint shares; shares of minors; shares in trust.

3. When shares shall be issued in the name of a minor they shall be
held for the exclusive right and benefit of such minor and free from the
control or lien of all other persons except creditors, and the
withdrawal value thereof shall be paid to the person in whose name the
shares are held. A receipt or acquittance from such minor shall be a
valid and sufficient release and discharge to the association for all
payments made on account of such shares. When shares have been issued to
a parent, guardian or voluntary trustee for a minor the association may
permit the transfer of such shares to the minor by such parent, guardian
or trustee and in the event of the death of such parent, guardian or
trustee the association may transfer and hold such shares for the
exclusive right and benefit of such minor, upon presentation of
satisfactory evidence of such death and upon the surrender of the
certificate, passbook or other proper evidence of the ownership of such
shares.

4. No association shall be liable to beneficiaries for moneys paid to
their guardians or trustees, unless written notice of limitation upon
the right of such guardians or trustees to withdraw such funds has been
previously filed with the association. The receipt or acquittance of
such guardians or trustees shall be a valid and sufficient release and
discharge to the association for all payments made prior to the receipt
of written notice of such limitation.

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