81-14-361 - Accounts of administrators, executors, guardians, trustees and other fiduciaries.
§ 81-14-361. Accounts of administrators, executors, guardians, trustees and other fiduciaries.
Any savings bank may accept accounts in the name of any administrator, executor, guardian, trustee or other fiduciary in trust for a named beneficiary or beneficiaries. Such fiduciary shall have the authority to vote as a member of the savings bank as if any membership account were held absolutely, and to make payments upon, and withdraw from, any such account in whole or in part. The withdrawal value of any such account, or other rights relating thereto, may be paid or delivered, in whole or in part, to such fiduciary without regard to any notice as long as such fiduciary is living. The payment or delivery to any such fiduciary or a receipt of acquittance signed by any such fiduciary to whom any such payment or any such delivery or rights is made shall be valid and sufficient release and discharge of any savings bank for the payment or delivery so made. Whenever a person holding an account in a fiduciary capacity dies and no written notice of the revocation or termination of the trust relationship has been given to a savings bank and the savings bank has no notice of any other disposition of the trust estate, the withdrawal value of such account, or other rights relating thereto, may at the option of a savings bank be paid or delivered, in whole or in part, to the beneficiary or beneficiaries of such trust. Whenever an account is opened by any person describing himself as trustee for another and there is no further notice of the existence and terms of a legal and valid trust, then such description shall be given in writing to such savings bank. In the event of the death of the person so described as trustee, the withdrawal value of such account, or any part thereof, may be paid to the person for whom the account was thus stated to have been opened. Such account, and all additions thereto, shall be the property of such person, unless prior to payment the trust agreement is presented to the savings bank showing a contrary interest. When made in accord with this section, the payment or delivery to any such beneficiary, beneficiaries or designated person, or a receipt or acquittance signed by any such beneficiary, beneficiaries or designated person for any such payment or delivery shall be a valid and sufficient release and discharge of a savings bank for the payment or delivery so made. Trust accounts permitted by this chapter shall not be required to be acknowledged and recorded. When an account is opened in a form described in this section, the right set forth in Section 81-14-363 shall apply. No savings bank paying any beneficiary in accordance with the provisions of this section shall thereby be liable for any estate, inheritance or succession taxes which may be owed to this state.
Sources: Laws, 1992, ch. 489, § 89; reenacted without change, Laws, 1997, ch. 364, § 91; reenacted without change, Laws, 2001, ch. 457, § 91, eff from and after July 1, 2001.