Section: 362.0471 Pay-on-death accounts--form--effect--payments from. RSMO 362.471


Published: 2015

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Missouri Revised Statutes













Chapter 362

Banks and Trust Companies

←362.470

Section 362.471.1

362.475→

August 28, 2015

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, pay on

death to Henry Doe". Such account shall, during the lifetime of the person

or persons first named in the account, be the property of and under the sole

control of the person or persons first named; and the first named person or

persons shall be entitled to cancel, change, give away, or otherwise deal

with the account as if no other person was named in the account.



2. At the death of all of the first named persons, the account shall

become the property of the person or persons named as the "pay-on-death"

person or persons. The bank or trust company is authorized to require proof

of death and surrender of the evidence of account prior to withdrawal after

the death of all of the first named persons.



3. If there is more than one first named person who is a holder of the

account, the first named persons shall be joint tenants with right of

survivorship. If there is more than one pay-on-death person, the account

shall be paid in equal shares to pay-on-death persons living at the time all

first named persons have died. The joint tenancy referred to in this section

shall be governed by section 362.470.



4. The bank or trust company may make such contractual terms as the

parties may agree to with respect to an account contracted for under this

section.



5. The form of account authorized by this section shall be valid and

shall supersede and override the requirements of chapter 474 as to

disposition of the property of decedents and the requirements as to

testamentary dispositions by will.



6. Any payment made by a bank or trust company on an account as

described in this section shall be entitled to full credit upon such payment

without necessity of determining whether any other person shall have an

interest in the account, unless the bank or trust company shall have been

served with process by a court of competent jurisdiction restricting payment

on the account in accordance with the terms of such process.



(L. 1984 H.B. 1033, A.L. 1997 H.B. 257)







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