9-1216. Same; duties of bank; release and discharge thereof. - Kansas Statutes

9-1216

Chapter 9.--BANKS AND BANKING; TRUST COMPANIES Article 12.--BANKING CODE; TRANSACTIONS

      9-1216.   Same; duties of bank; release and discharge thereof. When the owner and the bank have entered into a contract authorized in K.S.A. 9-1215, and amendments thereto, the owner's deposit account subject to the contract or any part of or interest on the account shall be paid by the bank to the owner or pursuant to the owner's order during the owner's lifetime. On the owner's death, the deposit account or any part of or interest on the account shall be paid by the bank to the secretary of social and rehabilitation services for a claim pursuant to subsection (g) of K.S.A. 39-709 and amendments thereto or, if there is no such claim or if any portion of the account remains after such claim is satisfied, to the designated beneficiary or beneficiaries. If any designated beneficiary is a minor at the time the account, or any portion of the account, becomes payable to the beneficiary and the balance, or portion of the balance, exceeds the amount specified by K.S.A. 59-3053, and amendments thereto, the bank shall pay the moneys or any interest on them only to a conservator of the minor beneficiary. The receipt of the conservator shall release and discharge the bank for the payment.

      History:   L. 1979, ch. 177, § 2; L. 1984, ch. 51, § 2; L. 1989, ch. 48, § 36; L. 1992, ch. 150, § 2; L. 2002, ch. 114, § 48; July 1.