17-2264.   Same; duties of credit union; release anddischargethereof.When the shareholder and the credit union have entered into a contractauthorizedin K.S.A. 17-2263 and amendments thereto, the shareholder'saccountsubject to the contract or any part of or interest on the accountshall be paid by the credit union to the shareholder or pursuant to theshareholder's order during theshareholder's lifetime. On the shareholder's death, the depositaccount or any part of or interest on the account shallbe paid by the credit unionto the secretary of social and rehabilitation services for a claim pursuantto subsection (g) of K.S.A. 39-709 and amendments thereto or, if there is nosuch claim or if any portion of the account remains after such claim issatisfied,to the designated beneficiary orbeneficiaries. If any designated beneficiary is aminor at the timethe account, or any portion of the account, becomes payableto the beneficiary and the balance, or portion of the balance,exceeds the amount specified by K.S.A. 59-3053, andamendments thereto, thecredit union shall pay the moneys or any interest on themonly to a conservator of the minor beneficiary. The receipt of the conservatorshall release and discharge the creditunion for thepayment.

      History:   L. 1979, ch. 177, § 6;L. 1984, ch. 51, § 4;L. 1992, ch. 150, § 4;L. 2002, ch. 114, § 50; July 1.