17-2264. Same; duties of credit union; release and discharge thereof.
17-2264
17-2264. Same; duties of credit union; release and
discharge
thereof.
When the shareholder and the credit union have entered into a contract
authorized
in K.S.A. 17-2263 and amendments thereto, the shareholder's
account
subject to the contract or any part of or interest on the account
shall be paid by the credit union to the shareholder or pursuant to the
shareholder's order during the
shareholder's lifetime. On the shareholder's death, the deposit
account or any part of or interest on the account shall
be paid by the credit union
to the secretary of social and rehabilitation services for a claim pursuant
to subsection (g) of K.S.A. 39-709 and amendments thereto or, if there is no
such claim or if any portion of the account remains after such claim is
satisfied,
to the designated beneficiary or
beneficiaries. If any designated beneficiary is a
minor at the time
the account, or any portion of the account, becomes payable
to the beneficiary and the balance, or portion of the balance,
exceeds the amount specified by K.S.A. 59-3053, and
amendments thereto, the
credit union shall pay the moneys or any interest on them
only to a conservator of the minor beneficiary. The receipt of the conservator
shall release and discharge the credit
union for the
payment.
History: L. 1979, ch. 177, § 6;
L. 1984, ch. 51, § 4;
L. 1992, ch. 150, § 4;
L. 2002, ch. 114, § 50; July 1.