Section 5-16-47 Disposition of deposit in trust for another upon death of trustee.
Section 5-16-47
Disposition of deposit in trust for another upon death of trustee.
When a deposit has been made or shall hereafter be made in any savings and loan association transacting business in this state by any person in trust for another and no other or further notice of the existence and terms of a legal and valid trust shall have been given in writing to and received by said savings and loan association, in the event of the death of the trustee, such deposit or any part thereof, together with any dividends or interest thereon, shall be construed as belonging to the beneficiary of the trust and may be paid to such person, whether a minor or adult, and the receipt or acquittance of such person shall fully relieve and release said savings and loan association from all liability.
(Acts 1967, No. 211, p. 575, §2.)