369.186. Accounts payable to second named person upon death of first named person, how handled.
Accounts payable to second named person upon death of first namedperson, how handled.
369.186. 1. An association may contract for an account inthe following form: "John Doe, pay on death to Henry Roe." Suchaccount shall, during the lifetime of the person first named inthe account, be the property of and under the sole control of theperson first named; and the first named person shall be entitledto cancel, change, give away, or otherwise deal with the accountas if no other person were* named in the account.
2. At the death of the first named person, the account shallbecome the property of the person named as the "pay on death"person. The association is authorized to require proof of deathand surrender of the evidence of account prior to withdrawalafter the death of the first named person.
3. The association may make such other contractual terms asthe parties may agree to with respect to the account.
4. Any payment made by an association on an account asdescribed in this section shall be entitled to full credit uponsuch payment without necessity of determining whether any otherperson shall have an interest in the account, unless theassociation shall have been served with process restrictingpayment on the account in accordance with the terms of suchprocess.
(L. 1983 H.B. 570 § 369.185)*Word "was" appears in original rolls.