Minors' Deposits and Safe-Deposit Agreements

  1. Law
  2. Georgia Code
  3. Banking and Finance
  4. Financial Institutions
  5. Banks and Trust Companies
  6. Deposits, Safe-Deposit Agreements, and Money Received for Transmission
  7. Minors' Deposits and Safe-Deposit Agreements

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  1. A bank may receive deposits from:
    1. A minor who is at least 16 years of age; or
    2. One or more minors jointly with one or more adults, as party to and with the same effect as a multiple-party account under Article 8 of this chapter.
  2. A bank may use electronic means, including, but not limited to, wire and mobile application software, to provide access to and facilitate the movement of money in such deposit account.
  3. A bank or trust company may rent a safe-deposit box or other receptacle for safe deposit of property to, and receive property for safe deposit from:
    1. A minor who is at least 16 years of age; or
    2. One or more minors jointly with one or more adults.
  4. A bank or trust company may deal with a minor who is at least 16 years of age with respect to a deposit account or safe-deposit agreement covered by paragraph (1) of subsection (a) or paragraph (1) of subsection (c) of this Code section without the consent of a parent or guardian and with the same effect as though the minor were an adult. A parent or guardian shall not have any right in that capacity to interfere with any such transaction. Any action of the minor with respect to such deposit account or safe-deposit agreement shall be binding on the minor with the same effect as though the minor were an adult.
  5. Nothing in this Code section shall be deemed to require a bank or trust company to provide deposit accounts or safe-deposit agreements authorized by this Code section.

(Ga. L. 1919, p. 135, art. 19, § 41; Code 1933, § 13-2041; Code 1933, § 41A-1602, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1977, p. 730, § 4; Ga. L. 2017, p. 193, § 9/HB 143.)

RESEARCH REFERENCES

Am. Jur. 2d.

- 10 Am. Jur. 2d, Banks and Financial Institutions, §§ 650, 841.

ALR.

- Insurance of bank or trust company against loss by burglary or robbery as covering contents of safety deposit boxes rented to customers, 30 A.L.R. 623.

Liability for loss of contents of safe deposit box, 42 A.L.R. 1304; 133 A.L.R. 279.

Presumption as to ownership of property in safe deposit box, 101 A.L.R. 832.


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