6-236. Payment of deposits in trust
Bank deposits may be made in the name of one or more persons as trustees for one or
more persons designated as beneficiaries. The account and any balance thereof which
exists from time to time shall be held as a trust account and unless otherwise agreed
between the trustees and the bank:
1. Any such trustee during the trustee's lifetime may change any of the designated
beneficiaries by a written direction accepted by the bank.
2. The deposit or any part thereof with interest may be paid to or on the order of
any trustee whether any other trustee or beneficiary is living or not. Any such payment
shall constitute a lawful revocation of the trust as to the amount withdrawn and the
receipt order or acquittance of the person so paid is a valid and sufficient release and
discharge of the bank as to the amount so paid.
3. Upon the death of the last surviving trustee the deposit or any part thereof
with interest may be paid to or on order of any of the persons designated as
beneficiaries who are living at the death of the last surviving trustee and the receipt
order or acquittance of the person so paid is a valid and sufficient release and
discharge of the bank as to the amount so paid.
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