7-5.4 – Effect of Payment

§ 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.