When an account is held in any association by a person residing in another state or country, the account, or any part thereof not in excess of Two Thousand Five Hundred Dollars ($2,500.00), may be paid to the administrator or executor appointed in the state or country where the account holder resides at the time of death, provided such administrator or executor has furnished the association with (a) authenticated copies of his letters and of the order of the court which issued the letters to him authorizing him to collect, receive and remove the personal estate, and (b) an affidavit by the administrator or executor that to his knowledge no letters are then outstanding in this state and no petition for letters by an heir, legatee, devisee or creditor of the decedent is pending on the estate in this state, and that there are no creditors of the estate in this state. Upon payment or delivery to such representative after receipt of the affidavit and authenticated copies, the association is released and discharged to the same extent as if the payment or delivery had been made to a legally qualified resident executor or administrator, and is not required to see to the application or disposition of the property. No action at law or in equity shall be maintained against the association for payment made in accordance with the above provisions.
Structure Mississippi Code
Title 81 - Banks and Financial Institutions
Chapter 12 - Savings Associations Law
§ 81-12-1. Citation of chapter
§ 81-12-4. Private corporation laws; application to savings and loan associations
§ 81-12-7. Rights, powers, privileges and duties of board
§ 81-12-9. Determinations of commissioner final; judicial review
§ 81-12-11. Duties of department
§ 81-12-25. Incorporation; petition; fee; articles; bylaws; exhibits
§ 81-12-27. Incorporation; examination and investigation of petition
§ 81-12-49. Powers of associations
§ 81-12-51. Additional powers of capital stock associations
§ 81-12-53. Conversion of association organized under state law into federal association
§ 81-12-55. Conversion of federal association into association organized under state law
§ 81-12-63. Conversion prohibited; exceptions
§ 81-12-65. Reorganization, merger and consolidation of associations
§ 81-12-75. Membership fees prohibited
§ 81-12-85. Bonding of association's officers, attorneys, employees, agents and directors
§ 81-12-89. Deposit of association funds; approval by directors
§ 81-12-93. Management contracts
§ 81-12-95. Records; minutes of meetings; business transactions
§ 81-12-99. Records; maintenance by means of data processing services
§ 81-12-103. Records; overvaluation of assets
§ 81-12-107. Records; loan and investment
§ 81-12-109. Records; membership and stockholder
§ 81-12-111. Records; reproduction by photostatic, photographic or microfilming process
§ 81-12-119. Savings accounts; execution of contract by holder
§ 81-12-121. Savings accounts; evidence of ownership
§ 81-12-123. Savings accounts; lost or destroyed account books or certificates
§ 81-12-125. Savings accounts; inducements to open
§ 81-12-127. Savings accounts; adverse claims to accounts
§ 81-12-129. Savings plans at educational institutions
§ 81-12-131. Payroll savings plans
§ 81-12-133. Attorneys authorized to make withdrawals; revocation of authority
§ 81-12-139. Accounts of administrators, executors, guardians, trustees, and other fiduciaries
§ 81-12-141. Accounts of deceased nonresidents
§ 81-12-143. Payments to successors without administration
§ 81-12-145. Accounts payable at death
§ 81-12-149. Payment of earnings on savings accounts
§ 81-12-151. Withdrawals by savings account holders
§ 81-12-155. Securities in which associations may invest
§ 81-12-159. Loans and other investments in which associations may invest
§ 81-12-161. Real estate loans to be written on approved loan plans
§ 81-12-167. Late payment charges
§ 81-12-169. Reinstatement of loan prior to foreclosure sale
§ 81-12-171. Right of association to deal with successor in interest of real estate securing loan
§ 81-12-173. Right to act to avoid loss
§ 81-12-176. Branch offices; additional types of offices
§ 81-12-179. Order of discontinuance of violation; enforcement in chancery court
§ 81-12-184. Supervisory merger
§ 81-12-185. Restrictions on appointment of conservator or receiver
§ 81-12-191. Federal associations domiciled in state
§ 81-12-195. Offering and sale of savings accounts exempt from securities regulations
§ 81-12-205. Appeal from final rule, regulation or order of commissioner or board
§ 81-12-217. Commissioner to issue supervisory control for association
§ 81-12-219. Appeal of cease and desist order
§ 81-12-221. Reimbursement of fines or penalties
§ 81-12-223. Cumulative fines and penalties
§ 81-12-225. Credit allowed; discretion of commissioner
§ 81-12-227. Amount of liability to association for loans
§ 81-12-229. Commissioner to furnish copy of call reports; fee; failure or refusal; misdemeanor