Effective - 28 Aug 2013
370.287. Jointly held shares, survival — effect of incapacity on joint tenancy — payment of shares, release and discharge of the credit union, when. — 1. Shares may be issued in joint tenancy with the right of survivorship with any persons, minor or adult, designated by the credit union member, whether or not the names are stated in the conjunctive or the disjunctive or otherwise. But no person so designated as joint tenant shall be permitted to vote, obtain loans or hold office unless such person is within the field of membership and is a qualified member. The records of the credit union describing the issuance, opening, or maintenance of shares in joint tenancy with the right of survivorship in the absence of fraud or undue influence shall be conclusive evidence of the intention of all the joint tenants to vest title to the account any additions thereto in the surviving joint tenants. Any shares so issued and additions thereto of whatever nature shall be the property of such persons as joint tenants and payable by the credit union on the death of any one or more of the joint tenants. If there are two or more surviving joint tenants, such joint tenants shall own the shares as joint tenants with the right of survivorship. The payment and the receipt or acquittance of the shares and additions thereto as described herein to said surviving joint tenants shall be a valid and sufficient release and discharge to the credit union for all amounts so paid.
2. The adjudication of disability or incapacity of any one or more of the joint tenants shall not operate to sever or terminate the joint tenancy ownership of all or any part of the account and the account may be withdrawn or pledged by any one or more of the joint owners in the same manner as though the adjudication of disability or incapacity had not been made, except that any withdrawal or pledge on behalf of the disabled joint owner shall be by such person's conservator.
3. Shares held in the name of two persons who are husband and wife or the survivor thereof shall be considered a joint tenancy and not a tenancy by the entirety unless specified otherwise.
4. A payment of any or all shares or additions thereto as provided in subsection 1 of this section* shall release and discharge the credit union with respect to the moneys so paid prior to the receipt by the credit union of notice in writing signed by any one of the joint tenants not to pay the shares in accordance with the terms thereof. After receipt of such notice, a credit union may refuse without liability to honor any check, other order to pay, withdrawal receipt, or order to pay out any dividends or interest thereon pending determination of the rights of the parties. No credit union paying any joint tenant in accordance with the provisions of this section shall thereby be liable for any estate or succession taxes which may be due this state. Accounts opened under the Missouri transfers** to minors law, sections 404.005 to 404.094, shall be governed by that law.
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(L. 1959 S.B. 127 § 370.285, A.L. 2013 H.B. 478)
*Words "section 1" appear in original rolls.
**Word "Transfer" appears in original rolls.
Structure Missouri Revised Statutes
Title XXIV - Business and Financial Institutions
Section 370.005 - Definitions.
Section 370.006 - Division of credit unions created — transfer — salary of director.
Section 370.010 - Credit union, how organized.
Section 370.030 - Bylaws, contents.
Section 370.040 - Approval by director, certificate, provisional issuance, fee, examination.
Section 370.050 - Change of business location — notice — approval required.
Section 370.060 - Amendments to bylaws, effective when.
Section 370.063 - Appeals — rules — nonseverability clause.
Section 370.070 - Powers of a credit union.
Section 370.071 - Additional powers of a credit union — membership fee allowed, when.
Section 370.073 - Fee or service charge authorized, when.
Section 370.075 - Investment of credit union funds.
Section 370.082 - Retroactive applicability.
Section 370.085 - Membership shares, uses — valuation — withdrawal — redemption — dividends.
Section 370.088 - Branches required to be located in geographic area of the credit union.
Section 370.090 - Operation without having filed certificate of approval prohibited.
Section 370.100 - Division director — powers — qualifications — examiners and assistants.
Section 370.101 - Oath required, when — conflict of interest, when — administrative subpoena powers.
Section 370.102 - Confidentiality oath required, exceptions — confidentiality of information.
Section 370.110 - Reports — when — penalty for late, inaccurate or incomplete.
Section 370.120 - Annual examination or audit report, exception — subpoena power.
Section 370.130 - Penalty for noncompliance.
Section 370.151 - Reorganization — approval — procedure, failure — liquidation.
Section 370.154 - Powers of receiver.
Section 370.156 - Withdrawal applications voided, when.
Section 370.157 - Director may remove officers, procedure.
Section 370.158 - Court may approve or modify reorganization or merger plan.
Section 370.160 - Fiscal year.
Section 370.161 - Notice of intention to remove, contents, procedure.
Section 370.162 - Appeal to circuit court, when.
Section 370.163 - Suspension of director or officer permitted, when, procedure.
Section 370.164 - Suspension, effect on board of directors, procedure.
Section 370.165 - Effective date of notice of suspension.
Section 370.170 - Meetings and special meetings, voting — proxies, when — action at meeting.
Section 370.180 - Board of directors, committees — election — terms — oath.
Section 370.190 - Directors to elect officers — duties established by board or bylaws.
Section 370.200 - Duties of board — telephone or electronic participation at meetings.
Section 370.230 - Powers and duties of supervisory committee.
Section 370.235 - Employees handling funds of credit union to give surety bond.
Section 370.240 - Capital of credit unions.
Section 370.260 - Cancellation of shares — member to keep credit union informed of current address.
Section 370.283 - Minors may hold or release shares — subject to lien.
Section 370.285 - Retirement accounts and pension funds, authority to serve as trustee.
Section 370.290 - Power to borrow money from any source.
Section 370.300 - Loans, interest rate — charges — refunds to members.
Section 370.310 - Limitations on loans — loans to directors and committee members, report required.
Section 370.320 - Reserve fund required.
Section 370.325 - Reserves, amounts required, waived when, procedure.
Section 370.328 - Reserve fund distribution, when.
Section 370.330 - Dividends, when declared — how paid.
Section 370.340 - Expulsion and withdrawal of members — refunds.
Section 370.350 - Dissolution of credit union, liquidation procedure, rulemaking authority.
Section 370.351 - Credit unions may merge — directors to approve plan, procedure.
Section 370.352 - Consolidation into new credit union — directors to approve plan.
Section 370.353 - Submission of plan to meeting of members or shareholders — notice.
Section 370.354 - Vote required for approval — director may approve, when.
Section 370.355 - Certificate of merger or consolidation, issued when — copies, where filed.
Section 370.357 - Effect of merger or consolidation.
Section 370.359 - Conversion from state to federal or federal to state credit union, procedure.
Section 370.360 - Unauthorized use of words "credit union" a misdemeanor.
Section 370.365 - Central credit union defined — how formed — fee, how determined.
Section 370.390 - Foreign credit union may operate in state, requirements.
Section 370.395 - State employees, deductions from compensation authorized, requirements.