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Minority and trust accounts - 17 Pa. Cons. Stat. § 507

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     § 507.  Minority and trust accounts.
        (a)  General rule.--Shares may be issued and payments on
     subscribed shares received in the name of a minor, or in trust,
     in such manner as the bylaws may provide.
        (b)  Transactions with minors.--Whenever shares of a credit
     union shall be issued in the name of any minor 12 years of age
     or older, the credit union may pay the dividends or earnings
     thereon, as well as the withdrawal value of such shares, to such
     minor without the assent of his parent or guardian. The receipt,
     acquittance or other action required by the credit union to be
     taken by the minor shall be binding upon such minor with like
     effect as if such minor were of full age and shall be a valid
     release to the credit union. The parent or guardian of such
     minor shall not, in his capacity as parent or guardian, have the
     power to attach or in any manner transfer any shares issued to
     or in the name of such minor.
        (c)  Transactions with trustees.--Whenever shares of a credit
     union shall be issued to any person describing himself in
     subscribing for such shares as trustee for any person or
     persons, and no other notice of the existence and terms of a
     valid trust than such description shall have been given to the
     credit union, the dividends or earnings on such shares, as well
     as the withdrawal value of such shares, shall, in the event of
     the death of the person so described as trustee, be paid to the
     person or persons for whose benefit the shares were stated to
     have been subscribed if, at the time of payment, such
     beneficiary is 16 years of age or older. Payment may be made to
     any such beneficiary who is 16 years of age or older, under the
     same conditions as if such shares had been originally subscribed
     for by him. If there are two or more beneficiaries named on any
     such shares, the credit union shall, in the absence of written
     notice to the contrary, make payment to such of the
     beneficiaries as may survive the trustee, in equal portions. The
     receipt or acquittance of any such beneficiary or beneficiaries
     for payments made in accordance with this section shall be a
     full, complete and valid release of the credit union from any
     further liability for the amounts so paid.

Last modified: November 27, 2007