Missouri Revised Statutes
Chapter 370
Credit Unions
←370.285
Section 370.287.1
370.290→
August 28, 2015
Jointly held shares, survival--effect of incapacity on joint tenancy--payment of shares, release and discharge of the credit union, when.
370.287. 1. Shares may be issued in joint tenancy with the right of
survivorship with any persons, minor or adult, designated by the credit
union member, whether or not the names are stated in the conjunctive or the
disjunctive or otherwise. But no person so designated as joint tenant
shall be permitted to vote, obtain loans or hold office unless such person
is within the field of membership and is a qualified member. The records
of the credit union describing the issuance, opening, or maintenance of
shares in joint tenancy with the right of survivorship in the absence of
fraud or undue influence shall be conclusive evidence of the intention of
all the joint tenants to vest title to the account any additions thereto in
the surviving joint tenants. Any shares so issued and additions thereto of
whatever nature shall be the property of such persons as joint tenants and
payable by the credit union on the death of any one or more of the joint
tenants. If there are two or more surviving joint tenants, such joint
tenants shall own the shares as joint tenants with the right of
survivorship. The payment and the receipt or acquittance of the shares and
additions thereto as described herein to said surviving joint tenants shall
be a valid and sufficient release and discharge to the credit union for all
amounts so paid.
2. The adjudication of disability or incapacity of any one or more of
the joint tenants shall not operate to sever or terminate the joint tenancy
ownership of all or any part of the account and the account may be
withdrawn or pledged by any one or more of the joint owners in the same
manner as though the adjudication of disability or incapacity had not been
made, except that any withdrawal or pledge on behalf of the disabled joint
owner shall be by such person's conservator.
3. Shares held in the name of two persons who are husband and wife or
the survivor thereof shall be considered a joint tenancy and not a tenancy
by the entirety unless specified otherwise.
4. A payment of any or all shares or additions thereto as provided in
subsection 1 of this section* shall release and discharge the credit union
with respect to the moneys so paid prior to the receipt by the credit union
of notice in writing signed by any one of the joint tenants not to pay the
shares in accordance with the terms thereof. After receipt of such notice,
a credit union may refuse without liability to honor any check, other order
to pay, withdrawal receipt, or order to pay out any dividends or interest
thereon pending determination of the rights of the parties. No credit
union paying any joint tenant in accordance with the provisions of this
section shall thereby be liable for any estate or succession taxes which
may be due this state. Accounts opened under the Missouri transfers** to
minors law, sections 404.005 to 404.094, shall be governed by that law.
(L. 1959 S.B. 127 § 370.285, A.L. 2013 H.B. 478)
*Words "section 1" appear in original rolls.
**Word "Transfer" appears in original rolls.
1991
1991
370.287. Shares may be issued in joint tenancy with the right of
survivorship with any person designated by the credit union member, but no
person so designated as joint tenant shall be permitted to vote, obtain loans
or hold office unless he is within the field of membership and is a qualified
member. Any shares so issued and additions thereto of whatever nature shall
be payable by the credit union on the death of the deceased member to the
surviving joint tenant, and the payment and the receipt or acquittance of the
same to said surviving joint tenant shall be a valid and sufficient release
and discharge to the credit union for all amounts so paid.
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