678.620 - Payment as valid discharge of credit union. - Nevada Statutes

678.620  Payment as valid discharge of credit union.

      1.  Except for payments made by a credit union after receipt of written notice from a party who has a present right of withdrawal to the effect that withdrawals in accordance with the terms of the account should not be permitted, any payments made pursuant to NRS 678.630 and 678.640 discharges the credit union from all claims for amounts so paid regardless of whether or not the payment was consistent with the beneficial ownership between parties, beneficiaries or their successors.

      2.  If a party to a multiple-party account gives written notice to a credit union that withdrawals in accordance with the terms of the account should not be permitted, unless the notice is withdrawn by such party his or her death does not permit withdrawal under the terms of the account and the personal representative or heirs of the decedent must concur in any demand for withdrawal by any other party.

      (Added to NRS by 1975, 385)