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Can you summarize NERS 8-1,130?
BANKS AND BANKING > Investments in savings accounts in name of fiduciary; open account; withdrawal; death of fiduciary; effect.
Short Summary
This legal document governs the acceptance of investments in savings accounts or shares in the name of fiduciaries such as administrators, personal representatives, custodians, conservators, guardians, trustees, or other fiduciaries for named beneficiaries. The fiduciaries have the power to open, add to, and withdraw from these accounts or purchase and sell shares. They can also vote as members if they own shares. The withdrawal value, earnings, and other rights related to these accounts or shares can be paid or delivered to the fiduciary while they are alive, without any notice to the contrary. If a fiduciary holding an account or shares dies and no notice of revocation or termination of the fiduciary relationship has been given to the bank or association, the withdrawal value and earnings may be paid to the beneficiary. If an account or share is designated as a trust account or held in trust, and the trustee dies, the withdrawal value and earnings may be paid to the person for whom the account or shares are described. The bank or association is released and discharged from liability upon payment or delivery to the fiduciary, beneficiary, or designated person. The document also states that the bank or association is not liable for any estate, inheritance, or succession taxes. This information is sourced from the Nebraska Revised Statutes under the section on Banks and Banking.
Whom does it apply to?
Banks, building and loan associations, savings and loan associations
What does it govern?
Investments in savings accounts in the name of fiduciary
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska