362.471. Pay-on-death accounts--form--effect--payments from.
Pay-on-death accounts--form--effect--payments from.
362.471. 1. A bank or trust company may contract for an account,including a certificate of deposit, in the following form: "John Doe, payon death to Henry Doe". Such account shall, during the lifetime of theperson or persons first named in the account, be the property of and underthe sole control of the person or persons first named; and the first namedperson or persons shall be entitled to cancel, change, give away, orotherwise deal with the account as if no other person was named in theaccount.
2. At the death of all of the first named persons, the account shallbecome the property of the person or persons named as the "pay-on-death"person or persons. The bank or trust company is authorized to requireproof of death and surrender of the evidence of account prior to withdrawalafter the death of all of the first named persons.
3. If there is more than one first named person who is a holder ofthe account, the first named persons shall be joint tenants with right ofsurvivorship. If there is more than one pay-on-death person, the accountshall be paid in equal shares to pay-on-death persons living at the timeall first named persons have died. The joint tenancy referred to in thissection shall be governed by section 362.470.
4. The bank or trust company may make such contractual terms as theparties may agree to with respect to an account contracted for under thissection.
5. The form of account authorized by this section shall be valid andshall supersede and override the requirements of chapter 474, RSMo, as todisposition of the property of decedents and the requirements as totestamentary dispositions by will.
6. Any payment made by a bank or trust company on an account asdescribed in this section shall be entitled to full credit upon suchpayment without necessity of determining whether any other person shallhave an interest in the account, unless the bank or trust company shallhave been served with process by a court of competent jurisdictionrestricting payment on the account in accordance with the terms of suchprocess.
(L. 1984 H.B. 1033, A.L. 1997 H.B. 257)