1. An association may make any type of account contract not prohibited by sections 369.010 to 369.369 or by other applicable law or by regulations of the director of the division of finance. An association is authorized to accept accounts which permit the account holder to make withdrawals by negotiable or transferable instrument for the purpose of making transfers to third parties whether or not earnings are paid on such account; provided such accounts will be permitted if and only to the extent permitted to associations chartered by the United States.

2. Accounts may be opened and owned by any one or more persons, partnerships, associations, corporations, political subdivisions, or public or governmental units; shall be represented on the books of an association by a separate account in the name of the owner thereof; and shall be transferable only in the manner authorized by the association’s board of directors. An association shall be under no duty to determine the ownership of the funds received by it for any account and shall treat the account holder of record as shown by the account contract as the owner for all purposes. An association shall not be liable to any person claiming any interest in an account unless the interest of such person appears in the account contract or has been established by a decree or order of court determining the ownership and a copy of such decree or order has been furnished the association. These provisions shall apply even though the name of the person appearing on the account contract as owner is modified by a qualifying or descriptive term such as “agent”, “trustee”, or other word or phrase indicating that such person may not be the owner in the person’s own right. The association shall have a lien on an account for all amounts owed it by the owner thereof. The owner of an account may pledge the account to secure the owner’s own obligation or that of another and, if written notice of such pledge is served upon the association, the pledgee shall be protected.

3. The association may issue any evidence of ownership of an account not prohibited by sections 369.010 to 369.369 or by other applicable law or by regulations of the director of the division of finance. The evidence of ownership shall not be subject to article 8 of chapter 400 or to chapter 409.

4. Upon the filing with an association by the owner or by the owner’s personal representative of an affidavit stating that the evidence of ownership of such person’s account has been lost or destroyed and that it has not been pledged or assigned, in whole or in part, the association may issue new evidence of ownership in the name of such owner stating that it is issued in lieu of the one lost or destroyed. The association shall not be liable thereafter with respect to the original evidence of ownership, but the board of directors may require a bond in sufficient amount to indemnify the association against any loss or expense which may result from the issuance of the substitute evidence of ownership.

5. If an account owner has been adjudicated a disabled person by a court of competent jurisdiction, payments made to such account owner prior to service on the association of a certified copy of such adjudication shall discharge the association to the extent thereof. After service of such notice, withdrawal or pledge on behalf of the disabled person shall be by his conservator.