9-1215. Contracts for payment to beneficiaries upon deposit account owners' deaths; rights of owner during lifetime; change of beneficiary.
9-1215
9-1215. Contracts for payment to beneficiaries upon
deposit account
owners' deaths; rights of owner during lifetime; change of
beneficiary.
Subject to the provisions of this section and K.S.A. 9-1216 and amendments
thereto, an individual adult or minor, hereafter referred to as the owner,
may enter into a written contract with any bank located
in this state providing that the balance of the owner'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 of the
owner to one or more persons or, if the persons predecease the owner, to
another person or persons, hereafter referred to as the
beneficiary or beneficiaries. If any 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 moneys shall be payable only to a conservator of
the
minor beneficiary.
Transfers pursuant to this section shall not be considered testamentary or
be invalidated due to nonconformity with the provisions of chapter 59 of the
Kansas
Statutes Annotated.
Every contract authorized by this section shall be considered to
contain a right on the part of the owner during the owner's
lifetime both
to withdraw funds on deposit in the account in the manner provided in
the contract, in whole or in part, as though no beneficiary has been
named, and to change the designation of beneficiary. The interest of the
beneficiary 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 amendments
thereto, until such claim is satisfied.
No change in the designation of the beneficiary shall be valid unless
executed in the form and manner prescribed by the bank and delivered to the
bank prior to the death of the owner.
For the purposes of this section, the balance of the owner's deposit account
or the balance of the owner's legal share of a deposit account shall not
be construed to include any portion of the account which under the law of
joint tenancy is the property of another joint tenant of the account
upon the death of the owner.
As used in this section, "person" means any individual, individual or
corporate
fiduciary or nonprofit religious or charitable organization as defined by
K.S.A. 79-4701, and amendments thereto.
History: L. 1979, ch. 177, § 1;
L. 1980, ch. 166, § 2;
L. 1982, ch. 104, § 1;
L. 1984, ch. 51, § 1;
L. 1989, ch. 48, § 35;
L. 1992, ch. 150, § 1;
L. 2002, ch. 114, § 47; July 1.