§653.1. Trust deposits; death of depositor; payment
A. Upon the death of a member who has deposited a sum in any federal or state
credit union account evidencing an intention that upon the death of the member, the funds
shall belong to the named beneficiary or beneficiaries of the member, the federal or state
credit union may pay the share account, together with the dividends or accruing interest, to
the named beneficiaries for whom the deposit was made, and the federal or state credit union
may rely conclusively thereon. Upon receiving a death certificate, the credit union may
disburse funds to the named beneficiaries. Such beneficiaries shall be specifically named in
the share account records of the federal or state credit union.
B. Repealed by Acts 2016, No. 64, §2.
C. Repealed by Acts 2009, No. 499, §2.
D.(1) When a share account described in Subsection A of this Section is established
by more than one member, the respective interests of each member shall be deemed equal
to that of each other member, unless otherwise stated in the federal or state credit union's
share account records.
(2) When a share account described in Subsection A of this Section is established
for more than one beneficiary, the respective interests of each shall be deemed equal to that
of each other beneficiary, unless otherwise stated in the federal or state credit union share
account records.
E. No federal or state credit union paying a beneficiary in accordance with this
Section shall be liable to the estate or any heir of the decedent nor shall the share account
holder be liable for any estate, inheritance, or succession taxes which may be due the state,
and delivery of the funds shall constitute a full and complete discharge of the federal or state
credit union for the payment or delivery so made and shall relieve the federal or state credit
union from all adverse claims thereto by a person claiming as a surviving or former spouse
or a successor to such a spouse.
F. The provisions of this Section shall apply notwithstanding the fact the decedent
designates a beneficiary by last will and testament.
Acts 1991, No. 535, §1; Acts 2001, No. 887, §1, eff. June 26, 2001; Acts 2009, No.
499, §§1 and 2; Acts 2016, No. 64, §§1, 2.