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Can you summarize KSST Chapter 9, Article 12?
BANKS AND BANKING; TRUST COMPANIES > BANKING CODE; TRANSACTIONS
Short Summary
The provided legal document content is governed by the Kansas Statutes under the Banking Code and pertains to individual owners of accounts and beneficiaries. The document allows owners to enter into a written contract with a bank located in Kansas, specifying that upon the owner’s death, the balance of their legal share of the account will be paid to one or more beneficiaries. If a beneficiary has predeceased the owner, their share will be divided equally among the remaining beneficiaries, unless the contract specifies otherwise. If a beneficiary is a minor at the time funds become payable, the bank shall pay out in accordance with K.S.A. 59-3053. The owner has the right to withdraw funds during their lifetime and change the designation of beneficiary, provided it is executed in the prescribed form and delivered to the bank prior to the owner’s death. The interest of the beneficiary does not vest until the death of the owner. The document also addresses the payment of the owner’s share if there is a claim from the department for children and families or if the owner’s surviving spouse intends to claim an elective share. Transfers pursuant to this document are not considered testamentary and are not invalidated due to nonconformity with the provisions of chapter 59 of the Kansas Statutes Annotated. Payment by the bank of the owner’s deposit account pursuant to this document releases the bank from further liability for the payment.
Whom does it apply to?
Individual owners of accounts, beneficiaries, banks located in Kansas
What does it govern?
Banking Code; Transactions
What are exemptions?
Transfers pursuant to this document are not considered testamentary and are not invalidated due to nonconformity with the provisions of chapter 59 of the Kansas Statutes Annotated.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Kansas