17-2263.Contracts for payment of shareholders'
accounts to beneficiaries
upon shareholders' deaths; rights of shareholder during lifetime; change
of beneficiary.
Subject to the provisions of this section and K.S.A. 17-2264 and amendments
thereto, an individual adult or minor, hereafter referred to as the
shareholder, may enter into a written contract with any credit union
located in this state providing that the balance of the
shareholder's account,
or the balance of the shareholder's legal share of an account,
at the time of death of the shareholder shall be made payable on the
death of the shareholder 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 shareholder during the shareholder'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 shareholder 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 credit union and
delivered to the credit union prior to the death of the shareholder.
For the purposes of this section, the balance of the shareholder's account
or the balance of the shareholder's legal share of an 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, § 5;
L. 1980, ch. 166, § 3;
L. 1982, ch. 104, § 2;
L. 1984, ch. 51, § 3;
L. 1992, ch. 150, § 3;
L. 2002, ch. 114, § 49; July 1.
17-2263.Contracts for payment of shareholders'
accounts to beneficiaries
upon shareholders' deaths; rights of shareholder during lifetime; change
of beneficiary.
Subject to the provisions of this section and K.S.A. 17-2264 and amendments
thereto, an individual adult or minor, hereafter referred to as the
shareholder, may enter into a written contract with any credit union
located in this state providing that the balance of the
shareholder's account,
or the balance of the shareholder's legal share of an account,
at the time of death of the shareholder shall be made payable on the
death of the shareholder 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 shareholder during the shareholder'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 shareholder 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 credit union and
delivered to the credit union prior to the death of the shareholder.
For the purposes of this section, the balance of the shareholder's account
or the balance of the shareholder's legal share of an 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, § 5;
L. 1980, ch. 166, § 3;
L. 1982, ch. 104, § 2;
L. 1984, ch. 51, § 3;
L. 1992, ch. 150, § 3;
L. 2002, ch. 114, § 49; July 1.
17-2263.Contracts for payment of shareholders'
accounts to beneficiaries
upon shareholders' deaths; rights of shareholder during lifetime; change
of beneficiary.
Subject to the provisions of this section and K.S.A. 17-2264 and amendments
thereto, an individual adult or minor, hereafter referred to as the
shareholder, may enter into a written contract with any credit union
located in this state providing that the balance of the
shareholder's account,
or the balance of the shareholder's legal share of an account,
at the time of death of the shareholder shall be made payable on the
death of the shareholder 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 shareholder during the shareholder'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 shareholder 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 credit union and
delivered to the credit union prior to the death of the shareholder.
For the purposes of this section, the balance of the shareholder's account
or the balance of the shareholder's legal share of an 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, § 5;
L. 1980, ch. 166, § 3;
L. 1982, ch. 104, § 2;
L. 1984, ch. 51, § 3;
L. 1992, ch. 150, § 3;
L. 2002, ch. 114, § 49; July 1.