Bill Text: MS HB222 | 2010 | Regular Session | Introduced
Bill Title: Bank accounts; require bank to provide certain information to and obtain written acknowledgement from account holder before adding other persons to.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Failed) 2010-02-02 - Died In Committee [HB222 Detail]
Download: Mississippi-2010-HB222-Introduced.html
MISSISSIPPI LEGISLATURE
2010 Regular Session
To: Banking and Financial Services
By: Representative Lane
House Bill 222
AN ACT TO AMEND SECTION 81-5-63, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT BEFORE A BANK ACCOUNT HOLDER MAY ADD ANOTHER PERSON OR PERSONS TO THE ACCOUNT, THE BANK FIRST MUST PROVIDE CERTAIN INFORMATION TO THE ACCOUNT HOLDER REGARDING THE DISPOSITION OF THE FUNDS IN THE ACCOUNT UPON THE DEATH OF THE ACCOUNT HOLDER AND REQUIRE THE ACCOUNT HOLDER TO ACKNOWLEDGE RECEIPT OF THAT INFORMATION WITH HIS OR HER SIGNATURE; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 81-5-63, Mississippi Code of 1972, is amended as follows:
81-5-63. (1) (a) When a deposit has been made or is hereafter made in the name of two (2) or more persons, payable to any one (1) of those persons, or payable to any one (1) of those persons or the survivor, or payable to any one (1) of those persons or to the survivor or survivors, or payable to the persons as joint tenants, the deposit or any part thereof or interest or dividends thereon may be paid to any one (1) of those persons, without liability whether one or more of those persons is living or not, and the receipt of acquittance of the person so paid shall be a valid and sufficient release and discharge to the bank for any payment so made. The making of a deposit in that form, or the making of additions thereto, shall create a presumption in any action or proceeding to which either the bank or any survivor is a party of the intention of all the persons named on the deposit to vest title to the deposit and the additions thereto and all interest or dividends thereon in the survivor or survivors.
(b) When an account was originally opened in the form described in paragraph (a) of this subsection and the current account holders wish to add another person or persons to the account, or when an account was originally opened in the name of one (1) person and the current account holder wishes to add another person or persons to the account so that it will become an account described in paragraph (a) of this subsection, the bank first shall provide the following information to the current account holder(s) and require the current account holder(s) to acknowledge receipt of that information with their signatures before another person or persons may be added to the account: "Upon the death of any one (1) of the account holders, the funds in the account will be payable to the other surviving account holder(s) and will not be payable according to the written will of the deceased account holder or payable to the heirs at law of the deceased account holder according to Mississippi law.
If the account is currently in the name of one (1) person and no other person is added to the account, then upon the death of the account holder, the funds in the account will be payable according to the written will of the deceased account holder or, if there is no will, payable to the heirs at law of the deceased account holder according to Mississippi law."
The above information shall be printed in large, bold print on the form that is to be signed by the current account holder(s) to add another person or persons to the account, and a bank employee shall read the above information aloud to the current account holder(s) before the current account holder(s) may sign the form.
(2) (a) Any bank may pay to the successor of a deceased depositor, without necessity of administration, any sum to the credit of the decedent not exceeding Twelve Thousand Five Hundred Dollars ($12,500.00), without liability to any other persons, relatives or beneficiaries, and the receipt of acquittance of the person so paid shall be a valid and sufficient release and discharge to the bank for any payment so made. This section shall apply to all banking institutions, including national banks and postal savings banks within the state. The term "deposit" as used in this section shall include, but not be limited to, any form of deposit or account, such as a savings account, checking account, time deposit, demand deposit or certificate of deposit, whether negotiable, nonnegotiable or otherwise.
(b) For the purposes of this subsection, "successor" means the decedent's spouse; or, if there is no surviving spouse of the decedent, then the adult with whom any minor children of the decedent are residing; or, if there is no surviving spouse or minor children of the decedent, then any adult child of the decedent; or, if there is no surviving spouse or children of the decedent, then either parent of the decedent; or, if there is no surviving spouse, children or parent of the decedent, then any adult sibling of the decedent.
SECTION 2. This act shall take effect and be in force from and after July 1, 2010.
