The original instrument and the following digest, which constitutes no part of the
legislative instrument, were prepared by Michelle Ridge.
DIGEST
SB 126 Engrossed 2016 Regular Session Martiny
Present law provides relative to payable on death accounts.
Present law applies to banks and mutual associations and requires that upon the death of a depositor
who has deposited a sum in any account evidencing an intention that upon the death of the depositor,
the funds shall belong to one or more named beneficiaries of the depositor, the bank or the mutual
association ("association") may pay the deposit, together with the dividends or interest accruing
thereto, to the named beneficiaries for whom the deposit was made.
Present law provides that the depositor must give to the bank or the association an affidavit in
authentic form stating the names of one or more beneficiaries and present law provides the bank or
the association may conclusively rely on this affidavit for the disbursal of funds.
Proposed law maintains present law and provides that as an alternative to an affidavit in authentic
form, the depositor may submit to the bank or association an act under private signature executed
in the presence of an officer or a branch manager of the bank or association and two additional
persons. Proposed law provides that the bank or association may conclusively rely on this act for
the disbursal of funds.
Effective August 1, 2016.
(Amends R.S. 6:314(A) and 766.1(A))