A minor may receive in his own right dividends or other moneys in respect to any securities standing in his name on the books of a corporation, bank, or business trust, and such receipt shall constitute a valid and sufficient release and discharge of the corporation, bank, or business trust for such dividends or other moneys paid to such minor, notwithstanding that the corporation, bank, or business trust may have actual or written notice of the minority of such person.
Ala. Code § 8-6-94
Right of Minor to Receive Dividends, Etc.
Known as the Securities Ownership by Minors Act
The act spans §§ 8-6-90 to 8-6-95 (6 sections).
(Acts 1961, No. 1010, p. 1585, §4.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.