Authority to accept deposit by fiduciary in trust; payment to fiduciary of withdrawal value and interest.
1. A deposit may be made with a licensee by any administrator, executor or guardian of an estate, a trustee or other fiduciary in trust for a named beneficiary or beneficiaries.
2. The fiduciary may make additional deposits and withdraw the deposit, in whole or in part.
3. The withdrawal value of the deposit and the interest thereon, or other rights relating to the deposit, may be paid or delivered to the fiduciary, and the payment or delivery to the fiduciary or a receipt or acquittance signed by the fiduciary to whom any payment or delivery of rights is made, is a valid and sufficient release and discharge of the licensee for the payment or delivery so made.
Last modified: February 26, 2006