673.360 - Administrators, executors, guardians and trustees; payment as valid discharge of association. - Nevada Statutes

673.360  Administrators, executors, guardians and trustees; payment as valid discharge of association.

      1.  A savings account or investment certificate of any association, including a federal savings and loan association, may be purchased and held by any person as administrator, executor, guardian, or as trustee or other fiduciary, in trust for a named beneficiary or beneficiaries.

      2.  Any person holding a savings account as a fiduciary may make payments upon, and withdraw, in whole or in part, the savings account or investment certificate.

      3.  The withdrawal value of any such savings account or investment certificate and interest thereon, or other rights relating thereto, may be paid or delivered to the fiduciary, and the payment or delivery to the fiduciary or a receipt or acquittance signed by the fiduciary, to whom any payment or delivery of rights is made, is a valid and sufficient release and discharge of the association for the payment or delivery so made.

      [Part 2:116:1939; 1931 NCL § 974.11]—(NRS A 1969, 977; 1977, 498)