Missouri Revised Statutes













Chapter 369

Savings and Loan Associations

←369.149

Section 369.154.1

369.159→

August 28, 2015

Accounts, who may own--contracts for--evidence of ownership--accounts of disabled person, how handled.

369.154. 1. An association may make any type of account contract not

prohibited by sections 369.010 to 369.369 or by other applicable law or by

regulations of the director of the division of finance. An association is

authorized to accept accounts which permit the account holder to make

withdrawals by negotiable or transferable instrument for the purpose of

making transfers to third parties whether or not earnings are paid on such

account; provided such accounts will be permitted if and only to the extent

permitted to associations chartered by the United States.



2. Accounts may be opened and owned by any one or more persons,

partnerships, associations, corporations, political subdivisions, or public

or governmental units; shall be represented on the books of an association by

a separate account in the name of the owner thereof; and shall be

transferable only in the manner authorized by the association's board of

directors. An association shall be under no duty to determine the ownership

of the funds received by it for any account and shall treat the account holder

of record as shown by the account contract as the owner for all purposes. An

association shall not be liable to any person claiming any interest in an

account unless the interest of such person appears in the account contract or

has been established by a decree or order of court determining the ownership

and a copy of such decree or order has been furnished the association. These

provisions shall apply even though the name of the person appearing on the

account contract as owner is modified by a qualifying or descriptive term

such as "agent", "trustee", or other word or phrase indicating that such

person may not be the owner in the person's own right. The association shall

have a lien on an account for all amounts owed it by the owner thereof. The

owner of an account may pledge the account to secure the owner's own

obligation or that of another and, if written notice of such pledge is served

upon the association, the pledgee shall be protected.



3. The association may issue any evidence of ownership of an account not

prohibited by sections 369.010 to 369.369 or by other applicable law or by

regulations of the director of the division of finance. The evidence of

ownership shall not be subject to article 8 of chapter 400 or to chapter 409.



4. Upon the filing with an association by the owner or by the owner's

personal representative of an affidavit stating that the evidence of

ownership of such person's account has been lost or destroyed and that it has

not been pledged or assigned, in whole or in part, the association may issue

new evidence of ownership in the name of such owner stating that it is issued

in lieu of the one lost or destroyed. The association shall not be liable

thereafter with respect to the original evidence of ownership, but the board

of directors may require a bond in sufficient amount to indemnify the

association against any loss or expense which may result from the issuance of

the substitute evidence of ownership.



5. If an account owner has been adjudicated a disabled person by a court

of competent jurisdiction, payments made to such account owner prior to

service on the association of a certified copy of such adjudication shall

discharge the association to the extent thereof. After service of such

notice, withdrawal or pledge on behalf of the disabled person shall be by his

conservator.



(L. 1971 S.B. 3 § 30, A.L. 1982 S.B. 464, A.L. 1983 S.B. 44

& 45, A.L. 1994 H.B. 1165)



Effective 7-6-94







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