9-1216. Same; duties of bank; release and discharge thereof.
9-1216
9-1216. Same; duties of bank; release and discharge
thereof.
When the owner and the bank have entered into a contract authorized in
K.S.A. 9-1215, 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 bank 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 shall be paid by the bank 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 bank 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
bank 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.