2011 Missouri Revised Statutes
TITLE XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 369 Savings and Loan Associations
Section 369.186. Accounts payable to second named person upon death of first named person, how handled.
Accounts payable to second named person upon death of first named person, how handled.
369.186. 1. An association may contract for an account in the following form: "John Doe, pay on death to Henry Roe." Such account shall, during the lifetime of the person first named in the account, be the property of and under the sole control of the person first named; and the first named person shall be entitled to cancel, change, give away, or otherwise deal with the account as if no other person were* named in the account.
2. At the death of the first named person, the account shall become the property of the person named as the "pay on death" person. The association is authorized to require proof of death and surrender of the evidence of account prior to withdrawal after the death of the first named person.
3. The association may make such other contractual terms as the parties may agree to with respect to the account.
4. Any payment made by an association on an account as described in this section shall be entitled to full credit upon such payment without necessity of determining whether any other person shall have an interest in the account, unless the association shall have been served with process restricting payment on the account in accordance with the terms of such process.
(L. 1983 H.B. 570 369.185)*Word "was" appears in original rolls.
Annotation Copyright Missouri Joint Committee on Legislative Research
Disclaimer: These codes may not be the most recent version. Missouri may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
