2131.11 Release and discharge of payable on death account.
2131.11 Release and discharge of payable on death account.
When an investment share certificate, share account, deposit, or stock deposit is made, in any bank, building and loan or savings and loan association, credit union, or society for savings, payable to the owner during his lifetime, and to another on his death, such investment share certificate, share account, deposit, or stock deposit or any part thereof or any interest or dividend thereon, may be paid to the owner during his lifetime, and on his death such investment share certificate, share account, deposit, or stock deposit or any part thereof or any interest or dividend thereon, may be paid to the designated beneficiary, and the receipt of acquittance of the person paid is a sufficient release and discharge of the bank, building and loan or savings and loan association, credit union, or society for savings for any payment so made.
Effective Date: 07-25-1961