N.Y. Banking Law § 394

§ 394. Joint shares; shares of minors; shares in trust.\n 3. When shares shall be issued in the name of a minor they shall be\nheld for the exclusive right and benefit of such minor and free from the\ncontrol or lien of all other persons except creditors, and the\nwithdrawal value thereof shall be paid to the person in whose name the\nshares are held. A receipt or acquittance from such minor shall be a\nvalid and sufficient release and discharge to the association for all\npayments made on account of such shares. When shares have been issued to\na parent, guardian or voluntary trustee for a minor the association may\npermit the transfer of such shares to the minor by such parent, guardian\nor trustee and in the event of the death of such parent, guardian or\ntrustee the association may transfer and hold such shares for the\nexclusive right and benefit of such minor, upon presentation of\nsatisfactory evidence of such death and upon the surrender of the\ncertificate, passbook or other proper evidence of the ownership of such\nshares.\n 4. No association shall be liable to beneficiaries for moneys paid to\ntheir guardians or trustees, unless written notice of limitation upon\nthe right of such guardians or trustees to withdraw such funds has been\npreviously filed with the association. The receipt or acquittance of\nsuch guardians or trustees shall be a valid and sufficient release and\ndischarge to the association for all payments made prior to the receipt\nof written notice of such limitation.\n