Ohio Code 1733.241 – Payment on joint account – contract for payment on death
(A) When a share, share account, or deposit is made in the name of two or more persons, payable to either or the survivor, the credit union may pay all of the share, share account, deposit, any part of the share, share account, deposit, or any interest earned on the share, share account, or deposit, to either of the named persons, or the guardian of the estate of either of the named persons, whether or not the other person is living. The receipt or acquittance of the person paid is a sufficient release and discharge of the credit union for any payments made from the account to that person.
Terms Used In Ohio Code 1733.241
- Another: when used to designate the owner of property which is the subject of an offense, includes not only natural persons but also every other owner of property. See Ohio Code 1.02
- Contract: A legal written agreement that becomes binding when signed.
- Credit union: means a corporation organized and qualified as such under this chapter. See Ohio Code 1733.01
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Person: includes , without limitation, an individual, the estate of a deceased individual, a corporation, an unincorporated society or association, or any other organization of individuals. See Ohio Code 1733.01
- Share account: means an account established for a member for which no share certificates are issued but which are included in the registry of shares, which includes all transactions of the credit union pertaining to such shares. See Ohio Code 1733.01
(B) A credit union may enter into a written contract with a natural person for the proceeds of the person’s shares, share accounts, or deposits to be payable on the death of that person to another person or to any entity or organization in accordance with the terms, restrictions, and limitations set forth in sections 2131.10 and 2131.11 of the Revised Code.