369.154. Accounts, who may own--contracts for--evidence of ownership--accounts of disabled person, how handled.
Accounts, who may own--contracts for--evidence of ownership--accountsof disabled person, how handled.
369.154. 1. An association may make any type of accountcontract not prohibited by sections 369.010 to 369.369 or byother applicable law or by regulations of the director of thedivision of finance. An association is authorized to acceptaccounts which permit the account holder to make withdrawals bynegotiable or transferable instrument for the purpose of makingtransfers to third parties whether or not earnings are paid onsuch account; provided such accounts will be permitted if andonly to the extent permitted to associations chartered by theUnited States.
2. Accounts may be opened and owned by any one or morepersons, partnerships, associations, corporations, politicalsubdivisions, or public or governmental units; shall berepresented on the books of an association by a separate accountin the name of the owner thereof; and shall be transferable onlyin the manner authorized by the association's board of directors.An association shall be under no duty to determine the ownershipof the funds received by it for any account and shall treat theaccount holder of record as shown by the account contract as theowner for all purposes. An association shall not be liable toany person claiming any interest in an account unless theinterest of such person appears in the account contract or hasbeen established by a decree or order of court determining theownership and a copy of such decree or order has been furnishedthe association. These provisions shall apply even though thename of the person appearing on the account contract as owner ismodified by a qualifying or descriptive term such as "agent","trustee", or other word or phrase indicating that such personmay not be the owner in the person's own right. The associationshall have a lien on an account for all amounts owed it by theowner thereof. The owner of an account may pledge the account tosecure the owner's own obligation or that of another and, ifwritten notice of such pledge is served upon the association, thepledgee shall be protected.
3. The association may issue any evidence of ownership ofan account not prohibited by sections 369.010 to 369.369 or byother applicable law or by regulations of the director of thedivision of finance. The evidence of ownership shall not besubject to article 8 of chapter 400, RSMo, or to chapter 409,RSMo.
4. Upon the filing with an association by the owner or bythe owner's personal representative of an affidavit stating thatthe evidence of ownership of such person's account has been lostor destroyed and that it has not been pledged or assigned, inwhole or in part, the association may issue new evidence ofownership in the name of such owner stating that it is issued inlieu of the one lost or destroyed. The association shall not beliable thereafter with respect to the original evidence ofownership, but the board of directors may require a bond insufficient amount to indemnify the association against any lossor expense which may result from the issuance of the substituteevidence of ownership.
5. If an account owner has been adjudicated a disabledperson by a court of competent jurisdiction, payments made tosuch account owner prior to service on the association of acertified copy of such adjudication shall discharge theassociation to the extent thereof. After service of such notice,withdrawal or pledge on behalf of the disabled person shall be byhis conservator.
(L. 1971 S.B. 3 § 30, A.L. 1982 S.B. 464, A.L. 1983 S.B. 44 & 45, A.L. 1994 H.B. 1165)Effective 7-6-94