When any deposit shall be made by or in the name of any minor, the same shall be held for the exclusive right or benefit of such minor, and free from the control or lien of all other persons, except creditors, and shall be paid, together with the interest thereon, to the person in whose name the deposit shall have been made, and the receipt or acquittance of such minor shall be a valid and sufficient release and discharge for such deposit or any part thereof to the trust company.
History —Apr. 23, 1928, No. 40, p. 234, § 19, eff. 90 days after Apr. 23, 1928.