6-556. Multiple party accounts
A. A credit union may enter into multiple party accounts, as provided in title 14, chapter 6, article 1. No multiple party owner, unless he is a member of the credit union in his own right, may vote at member meetings, obtain loans from the credit union or hold office in the credit union or is required to pay a membership fee.
B. Payment of part or all of a multiple party account to any of the multiple party owners shall discharge, to the extent of the payment, the liability of the credit union to all such parties unless the account agreement contains a prohibition or limitation on the payment.
C. A member may designate any person to own a share or deposit account with the member under any form of joint ownership permitted by law.
D. A member may own a share or deposit account in trust for a beneficiary, or a nonmember may own a share or deposit account in trust for a beneficiary who is a member. A beneficiary may be a minor.
E. A member may designate any person or persons as payees on a payable-on-death account.Section: Previous 6-541 6-542 6-551 6-552 6-553 6-554 6-555 6-556 6-557 6-558 6-561 6-562 6-563 6-564 6-571 Next
Last modified: October 13, 2016