17:12B-89 - Payment to credit of account of beneficiaries or their order - New Jersey Statutes

17:12B-89.  Payment to credit of account of beneficiaries or their order
    When a membership account is opened by a person or persons payable on death  to a beneficiary or beneficiaries in the manner provided in the "Multiple-party Deposit Account Act" , and the account is terminated as provided in section 5b(2) of said act, and if the named beneficiary or one of the beneficiaries so named survive the death of the person or persons opening such an account and the beneficiary or all of the beneficiaries so named are 16  years of age or over at the death of the person or persons opening such an account, the association shall pay the moneys to the credit of the account, less all proper set-offs and charges, to the named beneficiary or beneficiaries  or upon his or their order, and such payment by the association shall be valid,  notwithstanding any lack of legal age of the named beneficiary or  beneficiaries.

     L.1963, c. 144, s. 89.  Amended by L.1979, c. 491, s. 19.