Art. 4270.  Procedure for investing, reinvesting, or withdrawing funds; checking account on behalf of minor

A.  An investment, reinvestment, or withdrawal of funds of a minor may be made only with the approval of the court after compliance with Article 4271.

B.  Notwithstanding the provisions of Paragraph A, the court may authorize a tutor to open and maintain a checking account in the name of the "tutor on behalf of the minor" and to write checks on the account for necessary expenses of the minor without the necessity of obtaining prior approval from the court.  However, such approval is necessary in order to transfer funds into the checking account, the total of which transfers shall not exceed five thousand dollars a year, except for good cause shown.  All sums deposited into the checking account and all checks written on the account shall be reflected in the annual accounting in accordance with Article 4391 et seq.

C.  The provisions of this Article do not create an affirmative duty on any financial institution to open, monitor, regulate, or close any account in the name of the tutor on behalf of the minor and any act by the tutor with respect to such account is a full release and discharge of the financial institution for any cause of action alleging a violation of a provision of this Chapter or any other duty of a tutor.

Acts 1995, No. 122, §1; Acts 1995, No. 1143, §1.