§ 7-5.3 Payment to beneficiary

(a) If the beneficiary survives the depositor under the circumstances
provided in paragraph four of section 7-5.2, the funds shall be paid to
the beneficiary upon his order, if, at the time of his demand for
payment of all or part of the funds, he is eighteen or more years of
age.

(b) If the beneficiary survives the depositor under the circumstances
provided in paragraph four of section 7-5.2, and if the beneficiary is
under eighteen years of age at the time demand for payment of any part
or all of the funds is made, the funds may be paid to the order of the
parent or parents of the beneficiary to be held for the use and benefit
of such infant beneficiary or to the order of the duly appointed
guardian of the property of the beneficiary, if the funds are equal to
or are less than ten thousand dollars; but if the funds are more than
ten thousand dollars, the funds may be paid only to the order of the
duly appointed guardian of the property of the beneficiary.