When the shareholder and the credit union have entered into a contract authorized in Kan. Stat. Ann. § 17-2263, and amendments thereto, the shareholder’s account subject to the contract or any part of or interest on the account shall be paid by the credit union to the shareholder or pursuant to the shareholder’s order during the shareholder’s lifetime. On the shareholder’s death, the deposit account or any part of or interest on the account shall be paid by the credit union to the secretary for children and families for a claim pursuant to Kan. Stat. Ann. § 39-709, and amendments thereto, or, if there is no such claim or if any portion of the account remains after such claim is satisfied, to the designated beneficiary or beneficiaries. If any designated beneficiary is a minor at the time the account, or any portion of the account, becomes payable to the beneficiary and the balance, or portion of the balance, exceeds the amount specified by Kan. Stat. Ann. § 59-3053, and amendments thereto, the credit union shall pay the moneys or any interest on them only to a conservator of the minor beneficiary. The receipt of the conservator shall release and discharge the credit union for the payment.