9-1216.   Same; duties of bank; release and dischargethereof.When the owner and the bank have entered into a contract authorized inK.S.A. 9-1215, and amendments thereto, the owner's deposit account subjectto the contract or any part of or interest on the account shall be paid bythe bank to the owner or pursuant to the owner's order during the owner'slifetime. On the owner's death, the deposit account or any part of orinterest on the account shall be paid by the bank to the secretary of socialand 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 portionof the account remains after such claim is satisfied, to the designatedbeneficiary or beneficiaries. If any designated beneficiary is a minor atthe time the account, or any portion of the account, becomes payable to thebeneficiary and the balance, or portion of the balance, exceeds the amountspecified by K.S.A. 59-3053, and amendments thereto,the bank shall pay themoneys or any interest on them only to a conservator of the minorbeneficiary. The receipt of the conservator shall release and discharge thebank for the payment.

      History:   L. 1979, ch. 177, § 2;L. 1984, ch. 51, § 2;L. 1989, ch. 48, § 36;L. 1992, ch. 150, § 2;L. 2002, ch. 114, § 48; July 1.