DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part of the
legislative instrument. The keyword, one-liner, abstract, and digest do not constitute part of the law
or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
HB 234 Original 2018 Regular Session Edmonds
Abstract: Increases the amount of funds a depository may release to a surviving spouse.
Without a court proceeding, order, or judgment authorizing the release of funds or providing a
determination of inheritance taxes due, present law authorizes a "bank or other depository"
(hereinafter, "payor") to pay the surviving spouse of a depositor a sum not in excess of $10,000.
Proposed law increases the amount payable from $10,000 to $20,000 and deletes present law with
respect to a judicial determination concerning an inheritance tax. Otherwise retains present law.
Present law prohibits certain persons' right of action against a payor releasing funds to a surviving
spouse. Provides the prohibited right of action against certain persons does not apply to cases of
distributions made by a partnership as described in present law (R.S. 47:2410).
Proposed law deletes the statutory reference (R.S. 47:2410) which creates inapplicability of present
law to distributions made by partnerships. Otherwise retains present law.
Present law authorizes a payor to release funds to a surviving spouse when funds are deposited in
an account listed solely in the surviving spouse's name. Authorizes the release of funds without
liability to the payor for any estate, inheritance, or succession taxes owed to the state. Requires the
payor to notify the collector of revenue within 7 days of the release of such funds.
Proposed law deletes the payor's requirement to notify the collector of revenue. Otherwise retains
present law.
Present law makes reference to a "bank or other depository" when describing the type of entity from
which a surviving spouse may withdraw deposited funds. Proposed law changes every present law
reference from "bank or other depository" to "federally insured depository institution".
(Amends R.S. 9:1513)