Montana Code 32-1-444. Deposit in name of minor
32-1-444. Deposit in name of minor. Whenever any deposit shall be made in any bank by or in the name of any minor, the same shall be held for the exclusive right and benefit of such minor and free from the control or lien of all persons whatsoever, except creditors, and shall be paid, with any interest due thereon, to the person in whose name the deposit was made, and the receipt of such minor is a sufficient release or discharge for such deposit to the bank.
Terms Used In Montana Code 32-1-444
- bank: as used in this chapter means any corporation that has been incorporated to conduct the business of receiving money on deposit or transacting a trust or investment business, as defined in this chapter. See Montana Code 32-1-102
- Control: means :
(a)ownership of, authority over, or power to vote, directly or indirectly, 25% or more of any class of voting security;
(b)authority in any manner over the election of a majority of directors; or
(c)power to exercise, directly or indirectly, a controlling influence over management and policies. See Montana Code 32-1-109
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201