17-5829. Same; duties of association; release and discharge thereof.
17-5829
17-5829. Same; duties of association; release and
discharge
thereof.
When the owner and the savings and loan association have entered into a
contract authorized in K.S.A. 17-5828 and amendments thereto,
the owner's deposit
account subject to the contract or any part of or interest on the
account shall be paid by the savings
and loan association to the owner
or pursuant to the owner's order during
the owner's lifetime. On the
owner's death, the deposit account or any part of or interest on the
account may be paid by the savings and
loan association
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
savings and loan
association
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 savings and loan association for the payment.
History: L. 1979, ch. 177, § 4;
L. 1984, ch. 51, § 6;
L. 1992, ch. 150, § 6;
L. 2002, ch. 114, § 52; July 1.