369.179. Accounts in trust, how handled. - Missouri Statutes

Accounts in trust, how handled.

369.179. 1. An account owner who holds a certificate for anaccount indicating that such holder is trustee for a beneficiaryor beneficiaries shall have the right to vote as a member if suchaccount is in a mutual association as if such membershipcertificate were held absolutely, but shall not have the right tohold office by virtue of such holding.

2. The withdrawal or redemption value of an account so heldin any association, and earnings thereon, may be paid in whole orin part to such account owner, without regard to any notice tothe contrary so long as such account owner is living; and suchpayment shall be a valid and sufficient release and discharge ofthe association, to the extent of such payment.

3. If such account owner dies, the association after thirtydays from the date of death may treat as owner of the account,and may pay the withdrawal value thereof and dividends thereonto, the apparent or presumed beneficiary or beneficiaries,whether minor or adult, unless the association has acknowledgedreceipt at its home office of, or has been served there by anofficer empowered to make service of process with, a writtennotice of a claim to the contrary; and the receipt or acquittanceof such payee or payees shall be, to the extent of such payment,a valid and sufficient release and discharge of the association.

4. This section, except the first sentence:

(1) Shall not be applicable to an account in the name of apersonal representative, conservator, curator or fiduciaryappointed by or acting under supervision of a court of record,and known by the association to be held in such capacity;

(2) Shall not apply contrary to the terms, conditions orbeneficial interests of any express trust to which the account issubject and of which the association has notice; and

(3) Is enacted for the protection of the association and isnot determinative of the rights of persons interested in suchaccount as between themselves.

(L. 1971 S.B. 3 § 35, A.L. 1982 S.B. 464, A.L. 1983 S.B. 44 & 45)