RS 6:767 Death of member or depositor - Louisiana Statutes

§767.  Death of member or depositor

A.  Upon the death of a member or depositor, the rights of membership or of a depositor shall continue in the executor, administrator, heirs, or surviving spouse of the deceased depositor, as the case may be.

B.  The association shall transfer these shares or savings accounts and all dividends or interest which have accrued on them as provided by law.

C.  Upon proper authority and surrender of any certificates and evidences of ownership of a decedent in shares or savings accounts of an association, by any duly qualified administrator or executor of the succession of such decedent, every association may pay the withdrawal value of shares, or savings accounts and any dividends or interest that may have accrued thereon in its possession belonging to a deceased person, to the administrator or executor of the deceased's succession.  The letters of the succession representative issued by a court shall constitute a proper authority for making payment to such administrator or executor, shall constitute full protection to the association making any such payment, and the association shall have no liability for any inheritance tax due thereon.

D.  Except as authorized by Subsections C and E of this Section and R.S. 6:765, no association domiciled and doing business in Louisiana shall transfer any shares or savings or demand accounts pursuant to any part of this Section to any heir, legatee, or representative of any deceased person under any order, judgment, or decree of any court in or outside of this state until the inheritance taxes due the state of Louisiana, if any, have been fixed and paid, nor shall any such association pay the withdrawal value of any shares or savings or demand accounts to any such heir, legatee, or representative of any deceased person pursuant to any Subpart of this Section until the inheritance taxes due on the shares or accounts have been fixed and paid.  Any association paying or transferring shares or accounts prior to the Louisiana inheritance taxes being fixed and paid shall be liable for the tax due on the shares or savings accounts.

E.  Any association may pay to the surviving spouse the value of any savings or demand account or shares standing in the name of the decedent in such association without any court proceedings, order, or judgment authorizing the same and without determining whether or not any inheritance taxes may be due or whether said savings account or shares belong to the separate estate of the decedent or to the community which existed between the decedent and the surviving spouse, subject to the provisions and restrictions of R.S. 9:1513.

Acts 1970, No. 234, §1.  Acts 1983, No. 675, §1.