17-5828.   Contracts for payment to beneficiaries upondeposit accountowners' deaths; rights of owners during lifetime; change ofbeneficiary.Subject to the provisions of this section and K.S.A. 17-5829 and amendmentsthereto, an individual adult or minor, hereafter referred to as the owner,may enter into a written contract with any savings and loan associationlocated in this state providing that the balance of theowner's deposit account,or the balance of the owner's legal share of a deposit account,at the time of death of the owner shall be made payable on the death ofthe owner to one or more persons or, if the personspredecease the owner, to another person or persons,hereafter referred to as thebeneficiary or beneficiaries. If any beneficiaryis a minor at thetime the account, or any portion of the account, becomes payable to thebeneficiary and the balance, or portionof the balance, exceeds the amount specified byK.S.A. 59-3053,and amendments thereto, the moneys shall be payable only to a conservator oftheminor beneficiary.

      Transfers pursuant to this section shall not be considered testamentary orbe invalidated due to nonconformity with the provisions of chapter 59 of theKansasStatutes Annotated.

      Every contract authorized by this section shall be considered tocontain a right on the part of the owner during the owner'slifetime both to withdraw funds on deposit in the account in the mannerprovided inthe contract, in whole or in part, as though no beneficiary has beennamed, and to change the designation of beneficiary. The interest of thebeneficiary shall be considered not to vest until the death of the owner and,if there is a claim pursuant to subsection (g) of K.S.A. 39-709 and amendmentsthereto, until such claim is satisfied.

      No change in the designation of the beneficiary shall be valid unlessexecuted in the form and manner prescribed by the savings and loanassociation and delivered to the savings and loan association prior tothe death of the owner.

      For the purposes of this section, the balance of the owner's deposit accountor the balance of the owner's legal share of a deposit account shall notbe construed to include any portion of the account which under the law ofjoint tenancy is the property of another joint tenant of the accountupon the death of the owner.

      As used in this section, "person" means any individual, individual orcorporatefiduciary or nonprofit religious or charitable organization as defined byK.S.A. 79-4701 and amendments thereto.

      History:   L. 1979, ch. 177, § 3;L. 1980, ch. 166, § 4;L. 1982, ch. 104, § 3;L. 1984, ch. 51, § 5;L. 1992, ch. 150, § 5;L. 2002, ch. 114, § 51; July 1.