SLS 22RS-408 ORIGINAL
2022 Regular Session
SENATE BILL NO. 133
BY SENATOR MILLIGAN
BANKS/BANKING. Eliminates the requirement that a customer execute an affidavit on
certain bank accounts. (8/1/22)
1 AN ACT
2 To amend and reenact R.S. 6:314(A) and 766.1(A), relative to banking; to provide for state
3 banks; to provide for savings and loan associations; to provide for payable on death
4 accounts; to provide for affidavit requirements; to provide for requirements,
5 procedures, and conditions; and to provide for related matters.
6 Be it enacted by the Legislature of Louisiana:
7 Section 1. R.S. 6:314(A) and 766.1(A) are hereby amended and reenacted to read
8 as follows:
9 §314. Trust deposits; death of depositor; payment
10 A. Upon the death of a depositor who has deposited a sum in any bank
11 account evidencing by the depositor's signature an intention that upon the death of
12 the depositor, the funds shall belong to one or more named beneficiaries of the
13 depositor, the bank may pay the deposit, together with the dividends or interest
14 accruing thereto, to the named beneficiaries for whom the deposit was made. The
15 depositor shall give to the depository bank an affidavit in authentic form or an act
16 under private signature executed in the presence of an officer or a branch manager
17 of the depository bank and two additional persons, stating the names of one or more
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions. SB NO. 133
SLS 22RS-408 ORIGINAL
1 beneficiaries. The bank may conclusively rely on this affidavit or act for the
2 disbursal of funds. Upon receiving a death certificate, the bank may disburse funds
3 to the named beneficiaries. The beneficiaries shall be specifically named in the
4 deposit account records of the association.
5 * * *
6 §766.1. Payable on death accounts
7 A. Upon the death of a depositor who has deposited a sum in any account
8 evidencing by the depositor's signature an intention that upon the death of the
9 depositor, the funds shall belong to one or more named beneficiaries of the depositor,
10 the association may pay the deposit, together with the dividends or interest accruing
11 thereto, to the named beneficiaries for whom the deposit was made. The depositor
12 shall give to the association an affidavit in authentic form or an act under private
13 signature executed in the presence of an officer or a branch manager of the
14 association and two additional persons, stating the names of one or more
15 beneficiaries. The association may conclusively rely on this affidavit or act for the
16 disbursal of funds. Upon receiving a death certificate, the association may disburse
17 funds to the named beneficiaries. The beneficiaries shall be specifically named in
18 the deposit account records of the association.
19 * * *
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Xavier I. Alexander.
DIGEST
SB 133 Original 2022 Regular Session Milligan
Present law provides that a person opening a bank account shall provide the depository bank
with an affidavit in authentic form or an act under private signature executed in the presence
of an officer or a branch manager and two additional persons, in order to name the
beneficiary, to be paid upon that person's death.
Proposed law deletes present law and further provides that a person opening a bank account
can provide a signature and the name of the beneficiary in the deposit account records of the
bank in order to name a beneficiary to be paid upon the depositor's death.
Effective August 1, 2022.
(Amends R.S. 6:314(A) and 766.1(A))
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.