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This entry was published on 2014-09-22
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Effect of payment
Estates, Powers & Trusts (EPT) CHAPTER 17-B, ARTICLE 7, PART 5
§ 7-5.4 Effect of payment

A financial institution which, upon the death of a depositor and prior
to service upon it of a restraining order, injunction or other
appropriate process from a court of competent jurisdiction prohibiting
payment, makes payment to a beneficiary or if the beneficiary is under
eighteen years of age, to the guardian of the property or to the parent
or parents of the infant beneficiary pursuant to section 7-5.3, shall,
to the extent of such payment, be released from liability to any person
claiming a right to the funds and the receipt or acquittance of the
person to whom payment is made shall be a valid and sufficient release
and discharge of the financial institution.