No, we do not believe that an adult authorized signer’s creditors would be able to attach the funds in an account solely owned by a minor — provided that your account records clearly and unambiguously reflect that the minor is the sole owner.

The Illinois Code of Civil Procedure permits a creditor to serve a citation to discover assets on a third party to discover whether that party is in possession of any “personal property belonging to the judgment debtor.” A creditor also may serve a nonwage garnishment summons on a third party believed to be holding “property . . . belonging to the judgment debtor or in which the judgment debtor has any interest.” A creditor may then seek to turn over such funds to satisfy the judgment. However, we do not believe that funds held in an account solely owned by an individual (whether a minor or an adult) would be considered the authorized signer’s property.

For resources related to our guidance, please see:

• FDIC Advisory Opinion, FDIC-91-59 (“Individuals who want to establish a single ownership account, but who also want to designate a person who may withdraw funds on their behalf, may do so through a Power of Attorney. If a Power of Attorney is not used, then FDIC regulations require that the deposit account records clearly indicate that the funds are owned by one individual and that other signatories on the account are merely authorized to withdraw funds on behalf of the owner. . . . We were asked if it would be sufficient to use a signature card similar to the one described above, but with one signature line designated ‘Account holder’ and the other signature line designated ‘Authorized signer.’ We believe that would be sufficient to comply with the requirements of 12 CFR 330.5(a).”) The FDIC has informed the IBA that it has removed all of its advisory opinions from its website due to a high risk of staleness. We have provided links to archived versions of the advisory opinions for your convenience. If you have a question about an advisory opinion, the FDIC recommends that you contact your FDIC Field Office, which you can find by clicking here.

• Illinois Code of Civil Procedure, 735 ILCS 5/2-1402(m)(2) (A citation to discover assets “becomes a lien . . . (2) When the citation is directed against a third party, upon all personal property belonging to the judgment debtor in the possession or control of the third party or which thereafter may be acquired or come due the judgment debtor and comes into the possession or control of the third party to the time of the disposition of the citation.”)

• Illinois Code of Civil Procedure, 735 ILCS 5/12-707(a) (“Duties of garnishee. (a) To the extent of the amount due upon the judgment and costs, the garnishee shall hold, subject to the order of the court any non-exempt indebtedness or other non-exempt property in his or her possession, custody or control belonging to the judgment debtor or in which the judgment debtor has any interest. The judgment or balance due thereon becomes a lien on the indebtedness and other property held by the garnishee at the time of the service of garnishment summons and remains a lien thereon pending the garnishment proceeding.”)