2006 Louisiana Laws - RS 9:1514 — Credit unions; payment to surviving spouse without court proceedings

§1514.  Credit unions; payment to surviving spouse without court proceedings

A.(1)  Any credit union in Louisiana may pay to the surviving spouse the value of any shares standing in the name of the decedent in such credit union not in excess of ten thousand dollars without any court proceedings, order or judgment authorizing the same and without determining whether or not any inheritance taxes may be due or whether said shares belong to the separate estate of decedent or to the community which existed between the decedent and the surviving spouse.  The surviving spouse shall give to the paying depository an affidavit that the total funds withdrawn do not exceed ten thousand dollars from all depositories.

(2)  The receipt of the surviving spouse for such payment shall constitute a full release and discharge of the credit union for the amount paid and for all inheritance taxes which may be determined to be due.  No person, natural or juridical, shall have any right or cause of action against such credit union because of such payment.  R.S. 47:2410 does not apply in such cases.

(3)  In the event such deceased member of the credit union leaves no surviving spouse, the credit union may pay the balance in the deceased member's share account to the major children of the deceased upon presentment of an affidavit that the total funds withdrawn do not exceed ten thousand dollars from all depositories.

(4)  The receipt of the major child or children of the deceased member for such payment shall constitute a full release and discharge of the credit union for the amount paid and for all inheritance taxes which may be determined to be due.  No person, natural or juridical, shall have any right or cause of action against such credit union because of such payment.  R.S. 47:2410 shall not apply in such cases.

B.(1)  Any credit union may pay to the surviving spouse of a depositor a sum not to exceed ten thousand dollars out of the deposits of a decedent or out of deposits of the community between the survivor and the decedent, deposited in the name of decedent or of the survivor or in the name of the decedent jointly with the survivor or otherwise, without any court proceedings, order or judgment authorizing the same or determining whether or not an inheritance tax is due.  The surviving spouse shall give the paying depository an affidavit that the total funds withdrawn do not exceed ten thousand dollars from all depositories.

(2)  In event of such payment, the receipt of the surviving spouse to whom it is made is a full release and discharge of the payor credit union for the amount paid and for any inheritance tax determined to be due, and no tax collector, creditor, heir, personal representative, or any other person shall have any right or cause of action against any credit union on account of the payment.  R.S. 47:2410 does not apply to such cases.

C.  Notwithstanding the provisions of this Section or any other provision of law, the provisions of R.S. 6:664 shall establish the exclusive method for payment of funds from a multiple party account.

Acts 1964, No. 166, §1.  Amended by Acts 1966, No. 235, §2; Acts 1974, No. 20, §1; Acts 1978, No. 153, §1; Acts 1984, No. 54, §1; Acts 1995, No. 293, §2.