Missouri Revised Statutes
Banks and Trust Companies
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
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)
Missouri General Assembly
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