369.174. Joint tenants' accounts, how handled.
Joint tenants' accounts, how handled.
369.174. 1. When an account is opened or maintained in anassociation in the names of two or more persons, whether minor oradult, as joint tenants or in form to be paid to any of them orthe survivor of them and whether or not the names are stated inthe conjunctive or the disjunctive or otherwise, the account andall additions thereto shall be the property of such persons asjoint tenants. The moneys in the account and all earnings on theaccount may be paid to any one of such persons during hislifetime or to any one of the survivors of them after the deathof any one or more of them. The opening or maintenance of theaccount in such form, in the absence of fraud or undue influence,shall be conclusive evidence in any action or proceeding to whichthe association or any survivor or the personal representative ofa deceased owner is a party of the intention of all the partiesto the account to vest title to the account and the additions andearnings thereto in the survivor. A person may be added orremoved as an owner of an account upon the written direction ofany owner of the account upon whose signature withdrawals may bemade from the account. By written instructions of all jointtenants given to the association, they may require the signaturesof more than one of such persons during their lifetimes or ofmore than one of the survivors after the death of any one of themon any notice of withdrawal, request for withdrawal, checkendorsement or receipt, or remove any such requirement, in whichcase the association shall pay withdrawals and earnings only inaccordance with such instructions, but no such instructions shalllimit the right of the sole survivor or of all of the survivorsto receive withdrawal payments and earnings. Payment of all orany of the moneys in the account or payment of earnings thereonas provided in this section is a valid and sufficient release anddischarge of the association with respect to the moneys so paidprior to receipt by the association of a written notice from anyone of the account owners directing the association not to permitwithdrawals or make payments in accordance with the terms of theaccount or the written instructions. After receipt of suchnotice an association may refuse without liability to honor anycheck, receipt or withdrawal order or pay any earnings on theaccount pending determination of the rights of the parties, butis not required to do so. No association paying any survivor inaccordance with the provisions of this section shall thereby beliable for any estate or succession taxes which may be due thisstate. As to any minor who is the owner of a joint account or aninterest therein, all the provisions of section 369.169 shallapply.
2. The pledge or assignment to any association of all orpart of a joint tenancy account or the earnings thereon signed byany owner or owners whether minor or adult upon whose signatureor signatures withdrawals may be made from the account shall,unless the terms of the account contract provide specifically tothe contrary, be a valid pledge or transfer to the association ofthat part of the account pledged or assigned, and shall notoperate to sever or terminate the joint tenancy ownership of allor any part of the account, subject to the effect of the pledgeor assignment.
3. The adjudication of disability or incapacity of any oneor more of the joint tenants shall not operate to sever orterminate the joint tenancy ownership of all or any part of theaccount and the account may be withdrawn or pledged by any one ormore of the joint owners in the same manner as though theadjudication of disability or incapacity had not been made exceptthat any withdrawal or pledge on behalf of the disabled jointowner shall be by his conservator.
4. Any account opened in form to be paid to two persons orthe survivor thereof who are husband and wife shall be considereda joint tenancy and not a tenancy by the entirety unlessspecified otherwise.
(L. 1971 S.B. 3 § 34, A.L. 1983 S.B. 44 & 45 merged with H.B. 570)(1976) Guardian of an incompetent joint tenant has same power over joint tenants' interest in a joint bank account as his ward had prior to incompetency and may withdraw full amount of account without approval of probate court. Matter of Estate of Thompson (A.), 539 S.W.2d 650.
(1977) Person who is entitled to withdraw funds under terms of a signature card establishing a joint tenancy and who contributed all money to purchase the certificate is entitled to have such certificate changed to his name alone. McGee v. St. Francois Cty. S & L Ass'n. (Mo), 559 S.W.2d 184.