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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

 Chapter 369

previous next Effective - 28 Aug 1983bottom

  369.179.  Accounts in trust, how handled. — 1.  An account owner who holds a certificate for an account indicating that such holder is trustee for a beneficiary or beneficiaries shall have the right to vote as a member if such account is in a mutual association as if such membership certificate were held absolutely, but shall not have the right to hold office by virtue of such holding.

  2.  The withdrawal or redemption value of an account so held in any association, and earnings thereon, may be paid in whole or in part to such account owner, without regard to any notice to the contrary so long as such account owner is living; and such payment shall be a valid and sufficient release and discharge of the association, to the extent of such payment.

  3.  If such account owner dies, the association after thirty days from the date of death may treat as owner of the account, and may pay the withdrawal value thereof and dividends thereon to, the apparent or presumed beneficiary or beneficiaries, whether minor or adult, unless the association has acknowledged receipt at its home office of, or has been served there by an officer empowered to make service of process with, a written notice of a claim to the contrary; and the receipt or acquittance of such payee or payees shall be, to the extent of such payment, a valid and sufficient release and discharge of the association.

  4.  This section, except the first sentence:

  (1)  Shall not be applicable to an account in the name of a personal representative, conservator, curator or fiduciary appointed by or acting under supervision of a court of record, and known by the association to be held in such capacity;

  (2)  Shall not apply contrary to the terms, conditions or beneficial interests of any express trust to which the account is subject and of which the association has notice; and

  (3)  Is enacted for the protection of the association and is not determinative of the rights of persons interested in such account as between themselves.

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(L. 1971 S.B. 3 § 35, A.L. 1982 S.B. 464, A.L. 1983 S.B. 44 & 45)


---- end of effective   28 Aug 1983 ----

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