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Can you summarize MORS 362.470?
Banks and Trust Companies > Joint deposits.
Short Summary
This legal document governs the rules and regulations regarding joint deposits in banks and trust companies in Missouri. It states that when a deposit is made by any person in the name of the depositor and one or more other persons, the deposit becomes the property of these persons as joint tenants. The document outlines the rights and responsibilities of joint tenants, including the ability to make withdrawals, payments, and pledges. It also addresses the impact of the adjudication of incompetency of any joint tenant and the treatment of joint deposits made by married couples. The document provides clarity on the creation and termination of joint tenancy, as well as the requirements for a valid joint account. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Persons making joint deposits in banks and trust companies
What does it govern?
Joint deposits
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Missouri