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2009 SESSION
096679448Be it enacted by the General Assembly of Virginia:
1. That § 6.1-74 of the Code of Virginia is amended and reenacted as follows:
§ 6.1-74. Deposits of minors.
Whenever any deposit shall be made in any A
bank by or in the name of any infant or may
establish a deposit account for a minor, such deposit shall
be held for the exclusive right and benefit of
such minor, free from the control of all persons whomsoever, except creditors,
and shall be paid with interest, if any be due thereon, to the person in whose
name the deposit shall have been made, and the check, order or receipt of such
infant or minor shall be a good and sufficient release and discharge for such
deposit to the bank as the sole and absolute
owner of such account. The bank may receive deposits by or for such minor, honor
any withdrawal request of the minor, and act in any other
manner with respect to such account on the minor's
order. Any payment or delivery of funds from such
account to the minor, or the payment
of a check or other written order for withdrawal of
funds signed by such minor, owner, shall be a valid and sufficient release and discharge of such bank for
any payment or delivery so made. The parent or guardian of such minor shall not
in his capacity as parent or guardian have the power to withdraw or transfer
funds in any such account unless the minor has given written notice to the bank
to accept the signature of such parent or guardian.