Payment to beneficiary on death of trustee; payment as valid discharge of association.
1. Whenever a person holding a savings account or investment certificates as trustee or other fiduciary, in trust for a named beneficiary or beneficiaries, dies, and no written notice of the revocation or termination of the trust relationship shall have been given to any such association or company, the withdrawal value of such savings account or investment certificates, and interest thereon, or other rights relating thereto, may, at the option of the association or company, be paid or delivered, in whole or in part, to the named beneficiary or beneficiaries of such trust.
2. The payment or delivery to any such beneficiary or beneficiaries, or a receipt or acquittance signed by any such beneficiary or beneficiaries for any such payment or delivery, shall be a valid and sufficient release and discharge of any such association or company for the payment or delivery so made.
Last modified: February 26, 2006