Payment of trust accounts.
1. Any account payable to a trustee for another person may be paid to the trustee on demand.
2. Unless a credit union has received written notice of the terms of any trust other than the form of the account, payment may be made to the:
(a) Personal representative or heirs of a deceased trustee if proof of death is presented to the credit union showing that the decedent was the survivor of all other persons named on the account either as trustee or beneficiary; or
(b) Beneficiary upon presentation to the credit union of proof of death showing that such beneficiary or beneficiaries survived all persons named as trustees.
3. The protection provided a credit union in subsections 1 and 2 has no bearing on the rights of parties in disputes between themselves or their successors concerning the beneficial ownership of funds in, or withdrawn from, multiple-party accounts.
Last modified: February 26, 2006