GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1989

S	1 

SENATE BILL 381

Short Title:  Minors Lease Safe Deposit Box.	(Public)
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Sponsors: Senator Staton.
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Referred to:  Banks and Thrift.
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March 9, 1989

A BILL TO BE ENTITLED
AN ACT TO PERMIT MINORS TO LEASE SAFE DEPOSIT BOXES.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 54B-132 reads as rewritten:  
"§ 54B-132. Minors as withdrawable account holders; safe deposit box lessees.
"(a)	An association may issue a withdrawable account to a minor as the sole and absolute owner and receive payments, pay withdrawals, accept pledges and act in any other manner with respect to such account on the order of the minor with like effect as if he were of full age and legal capacity. Any payment to a minor shall be a discharge of the association to the extent thereof. The account shall  be held for the exclusive right and benefit of the minor free from the control of all persons, except creditors.
(b)	An association may lease a safe deposit box to a minor and, with respect to such lease, may deal with the minor in all regards as if the minor were of full age and legal capacity.  A minor entering a lease agreement with an association pursuant to this subsection shall be bound by the terms of the agreement to the same extent as if the minor were of full age and legal capacity."
Sec. 2.  This act is effective upon ratification.