(a) Upon receiving an affidavit (1) that the personal property of a minor does not exceed $5,000.00 in value, (2) that no guardian has been appointed for his estate, and (3) that the affiant is the parent having custody, any person or corporation indebted to or holding personal property of the minor shall be authorized to pay the amount of indebtedness or to deliver the personal property to the affiant. In the same manner and upon like proof, any person or corporation having the responsibility for the issuance or transfer of stocks, bonds, or other personal property shall be authorized to issue or transfer the stocks, bonds, or personal property to or in the name of the affiant. Upon such payment, delivery, transfer, or issuance pursuant to the affidavit, the person or corporation shall be released to the same extent as if the payment, delivery, transfer, or issuance had been made to the legally qualified guardian of the minor and shall not be required to see to the application or disposition of the property.

(b) The parent making the affidavit and receiving the personal property shall be authorized to expend or otherwise dispose of the same for the benefit of the minor, as in his judgment may be just and proper, and shall not be required to report or account to the minor concerning the application, use, or disposition of the property.