Louisiana Laws > Revised Statutes > Title 6 > Chapter 8 > § 6:653.4 - Death of member or account owner; transfer to succession representative, heirs, and legal representative
Current as of: 2009
A. A credit union may conduct business in accordance with its bylaws, membership agreements, and other relevant contract terms concerning a deceased person until it receives written notice of the person's death that identifies therein the accounts, shares, all accrued interest or dividends, safe deposit boxes and their contents, and any other property, either on deposit or otherwise in the credit union's possession, that are standing in the deceased's name or in which the deceased has an interest.
B. Except as provided in R.S. 6:664, a credit union may transfer property standing in a deceased's name or in which a deceased has an interest to succession representatives, surviving spouse, heirs, or legatees of the deceased, as the case may be, upon receiving proof of proper authority and after obtaining a receipt therefor. If a judgment places the property into possession of a person sui juris, a credit union may transfer the property to that person's legal representative upon additionally receiving proof of authority of the legal representative.
C. Letters issued to succession representative(s) by a court of competent jurisdiction, letters issued to the legal representative of persons sui juris by a court of competent jurisdiction, and a judgment rendered by a court of competent jurisdiction recognizing and putting in possession the surviving spouse, the heirs, and/or the legatees of the deceased constitutes proper authority to transfer property in accordance with this Section. Conclusive proof to a credit union of the letters or judgment and of the jurisdiction of the court rendering same shall result from copies thereof, duly certified when rendered by a court of this state, or certified according to the Acts of Congress when rendered by a court of any possession or dependency of the United States, or certified according to the law of the place with the genuineness of the certification attested by a consular agent of the United States when rendered by a court of any foreign country.
D. A receipt obtained by the credit union for the property transferred may be in any form, but must be signed, as the case may be, by the succession representative(s) accompanied by a certified copy of the letters or by the surviving spouse, heirs, and/or legatees accompanied by a certified copy of the judgment recognizing and placing them into possession of the said property and, when a judgment places the property into possession of a person sui juris, the receipt must be signed in his stead by his legal representative and additionally accompanied by a certified copy of the letters of tutorship or curatorship.
E. Transfers made and receipted for in accordance herewith shall constitute full protection to a credit union as to any heir, legatee, surviving spouse, creditor, those who are sui juris or other person having rights or claims to the transferred funds or property, and the credit union shall have no liability to the state of Louisiana for any taxes due thereon.
F. No credit union shall transfer any property to a succession representative appointed by a court outside this state or to any surviving spouse or heir recognized by a judgment of a court of any other state or any foreign country until the inheritance tax due the state of Louisiana has been fixed and paid or until the secretary of the Department of Revenue has approved such transfer.
Acts 1999, No. 703, §1, eff. July 1, 1999.Prev | Next
U.S. Code Provisions: Credit Unions
Federal Regulations: Credit Unions