Payment of withdrawal value and interest to beneficiary upon death of fiduciary.
1. If a person who has made a deposit as a 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 has been given to the licensee, the withdrawal value of the deposit and the interest thereon or other right relating to the deposit may, at the option of the licensee, be paid or delivered, in whole or in part, to the named beneficiary or beneficiaries of the trust.
2. The payment or delivery to the beneficiary or beneficiaries is a release and discharge of the licensee for the payment or delivery of the deposit.
Last modified: February 26, 2006