§ 19-5-5 - Shares or deposits held jointly. - Rhode Island Statutes

SECTION 19-5-5

   § 19-5-5  Shares or deposits held jointly.– Whenever payment for shares or deposits has been made in any credit union inthe name of two (2) or more persons and payable to either, or any, or thesurvivor, payment of the amount due on the shares or deposits, or any part, orany interest or dividend, may be made to any of the persons, whether the otheror others are living or not, or to the survivor or survivors of them, or to theguardian, executor, or administrator of them, and the receipt of the person orpersons so paid shall be a valid and sufficient release and discharge onaccount of the payment so made. Nothing in this section authorizes the receiptof savings either in payment for share or on deposit in the name of two (2) ormore persons unless at least one of the persons is or becomes a member of thecredit union.