2012 Pennsylvania Consolidated Statutes
Title 17 - CREDIT UNIONS
Chapter 5 - Corporate Powers, Duties and Safeguards
Section 508 - Estate accounts

     § 508.  Estate accounts.
        (a)  General rule.--In the absence of a written agreement or
     document to the contrary, the assets in the account of a
     deceased member shall be considered part of the estate of the
     deceased member. In the absence of such an agreement or document
     and except for a release of such assets under existing law, the
     credit union shall, upon learning of the death of the member,
     freeze the assets in the account of the member and shall not
     permit deposits or withdrawals to be made in the account without
     receiving authorization by a court-recognized representative of
     the estate for deposits or withdrawals. Until the credit union
     receives the authorization, it may, if its bylaws so provide,
     close the account of the deceased member and transfer the funds
     to unclaimed shares. The payment of the funds of the deceased
     member to the estate of the deceased member shall release the
     credit union from liability for the amounts paid.
        (b)  Establishment of account by personal representative.--A
     court-recognized representative of the estate of a deceased
     member may open an account with the credit union for the deposit
     and withdrawal of the funds of the estate, whether or not the
     representative is a member, if the deceased member was in good
     standing at the time of death. The payment of the funds of the
     estate to the estate of the deceased member shall release the
     credit union from liability for the amounts paid. If a court-
     recognized representative of an estate is a member of the credit
     union, the representative may open a separate account with the
     credit union for the deposit and withdrawal of funds of the
     estate, whether or not the decedent was a member of the credit
     union. The payment of the funds of the estate to the estate
     shall release the credit union from liability for the amounts
     paid.