RDCSB137 4464 3560
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)]
SB 137 Reengrossed 2024 Regular Session Miller
Present law provides that regardless of whether a bank has received written notice of the
death of its customer and regardless of any prior action by a bank to freeze or restrict access
and transactions related to its deceased customer's safety deposit box, upon receipt of letters
testamentary, letters of administration, or letters of independent administration, issued by
a court of competent jurisdiction, a bank may grant access to or allow the transfer of the
contents of a safety deposit box or money titled in the name of its deceased customer, to the
succession representative.
Proposed law retains present law and clarifies that a letters testamentary, letters of
administration, or letters of independent administration, received by a bank from a
succession or estate representative, shall be issued by a court of competent jurisdiction in
this state or any other state.
Proposed law provides that a bank may grant access to or allow the transfer of contents of
a safety deposit box or money or other property titled in the name of the bank's deceased
customer to the succession or estate representative appointed by a court outside of this state.
Present law provides that a judgment of possession recognizing and putting the legatees of
heirs in possession of the deceased customer estate shall constitute full and proper authority
for the bank holding a safety deposit box or money or other property titled in the name of
the deceased customer to transfer those assets to the legatees or heirs entitled to such
property under the judgment of possession. Provides that when a bank makes such a transfer,
there shall be full protection from the heir, legatee, creditor, or other person having any right
or claim to money or property of its deceased customer, and the bank shall have no liability
related to such transfer or transaction involving its deceased customer's safety deposit box
or money or other property in the banks possession.
Proposed law retains present law and clarifies that a judgment of possession or court order
recognizing and putting the legatees of heirs in possession of the deceased customer's estate,
shall be issued by a court of competent jurisdiction in this state or any other state.
Present law provides that conclusive proof to the bank of the letters or judgments and of the
jurisdiction of the court rendering them shall result from copies thereof, duly certified when
rendered by a court of this state, or certified according to the Acts of Congress when
rendered by a court of any other state, or certified according to the law of the place with
genuineness of the certification attested by a consular agent of the U.S. when rendered by
a court of any foreign country.
Proposed law removes from present law the requirement that letters or judgments resulting
from copies and proof of the jurisdiction of the court rendering such letters or judgments
from an out of state court be certified according to the Acts of Congress.
Present law provides that regardless of whether the association has received written notice
of the death of its members or depositor and regardless of any prior action by an association
to freeze or restrict access and transactions related to its deceased member's or depositor's
shares or accounts, upon receipt of letters testamentary, letters of administration, or letters
of independent administration, issued by a court of competent jurisdiction, appointing an
authorized succession representative, an association may grant access to or allow the transfer
of money or other property titled in the name of its deceased member or depositor to the
succession representative.
Present law provides that the letters of the succession representative shall constitute full and
proper authority for the association to grant access to allow the transfer of the withdrawal
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value of share accounts, demand accounts, deposit accounts, or saving accounts, and
dividends or interest that may have accrued thereon or any money or property held in the
name of the deceased member or depositor to such succession representative. Provides the
association shall have no liability related to such activity or transaction involving its
deceased member's or depositor's money or property in its possession, and the association
shall have no liability for any inheritance tax due thereon.
Present law provides that the association may continue to follow direction of the authorized
succession representative related to the money or other property titled in its deceased
member's or depositor's name, unless and until the association receives a subsequent order
specifically naming the association and directing the association to cease following the
written direction of the succession representative, or the association receives a subsequent
order limiting or terminating authority of or replacing the succession representative.
Proposed law retains present law and clarifies that a letters testamentary, letters of
administration, or letters of independent administration, received by a bank from a
succession or estate representative, shall be issued by a court of competent jurisdiction in
this state. Further provides that a bank may grant access to or allow the transfer of money
or other property titled in the name of the deceased member or depositor to the succession
or estate representative appointed by a court outside of this state.
Present law provides that regardless of whether an association has received written notice
of the death of its customer and regardless of any prior action by an association to freeze or
restrict access and transactions related to its deceased customer's safety deposit box, upon
receipt of letters testamentary, letters of administration, or letters of independent
administration establishing the appointment of an authorized succession representative, an
association may grant access to or allow the transfer of the contents of a safety deposit box
titled in the name of its deceased customer, to the succession representative, and an
association may otherwise follow whatever directions it receives from the succession
representative.
Present law provides that the succession representative shall constitute full and proper
authority for allowing the succession representative to access, remove, or transfer the
contents of a safety deposit box titled in the name of the deceased customer and the
association shall have no liability related to such activity or transaction involving its
deceased customer's safety deposit box.
Present law provides that the association may continue to follow the direction of the
authorized succession representative related to safety deposit boxes of its deceased customer,
unless and until the association receives a subsequent order specifically naming and directing
the association to follow the written direction of the succession representative or receives
a subsequent order limiting or terminating the authority of or replacing the succession
representative.
Proposed law retains present law and clarifies that a letters testamentary, letters of
administration, or letters of independent administration, received by a bank from a
succession or estate representative, shall be issued by a court of competent jurisdiction in
this state. Further provides that a bank may grant access to or allow the transfer of money
or other property titled in the name of the deceased member or depositor to the succession
or estate representative appointed by a court outside of this state.
Present law provides that the receipt of a judgment of possession recognizing and putting
the legatees or heirs in possession of the deceased customer's estate shall constitute full and
proper authority for the association holding a safety deposit box or other property titled in
the name of the deceased customer's name to transfer those assets to the legatees or heirs
entitled to such property under the judgment of possession. Provides when an association
makes such a transfer, there shall be full protection to the association against any heir,
legatee, creditor, or other person having any right or claim to funds or property of its
deceased customer, and the association shall have no liability related to such transfer or
transaction involving its deceased customer's safety deposit box or money or other property
in the association's possession, and the association shall have no liability for any inheritance
tax due thereon.
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Proposed law retains present law and clarifies that a judgment of possession or court order
recognizing and putting the legatees of heirs in possession of the deceased customer's estate,
shall be issued by a court of competent jurisdiction in this state or any other state.
Effective August 1, 2024.
(Amends R.S. 6:325(B), (C), and (D), 767(C) and (D), and 768(B) and (C))
Summary of Amendments Adopted by Senate
Senate Floor Amendments to engrossed bill
1. Make technical corrections.
Summary of Amendments Adopted by House
The Committee Amendments Proposed by House Committee on Commerce to the
reengrossed bill:
1. Expand proposed law to include estate representative.
2. Expand proposed law to include court order.
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