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SENATE FLOOR VERSION
April 8, 2025
ENGROSSED HOUSE
BILL NO. 2080 By: Blair of the House
and
Wingard of the Senate
An Act relating to banks and trust companies;
amending 6 O.S. 2021, Section 2025, which relates to
share or deposit accounts paya ble on death; modifying
where deposits shall be made payable on death;
modifying where shares may be distributed to;
specifying accounts as share or deposit accounts;
modifying where funds shall be payable if sole
beneficiary is not living; providing for w here shares
are divided if beneficiary dies before the account
owner; modifying validity of receipt requirements;
providing notice requirement; and providing an
effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 6 O.S. 2021, Section 2025, is
amended to read as follows:
Section 2025. A. Share and deposit account proceeds that are
payable to a beneficiary upon the death of the account owner shall
be offered pursuant to the following prov isions:
1. When shares are owned or a deposit has been made or shall
hereafter be made in any credit union using the terms "Payable on
Death" or "P.O.D.", such deposits shall be payable on the death of
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the account owner to one or more designated P.O.D. be neficiaries, or
to an individual or individuals named beneficiary if living and if
not living, to the named estate of the beneficiary deceased account
holder, notwithstanding any provision to the contrary contained in
Sections 41 through 57 of Title 84 of the Oklahoma Statutes. Each
designated P.O.D. beneficiary shall be a trust, an individual, or a
nonprofit organization exempt from taxation pursuant to the
provisions of the Internal Revenue Code, 26 U.S.C., Section
501(c)(3);
2. A share or deposit accou nt with a P.O.D. designation shall
constitute a contract between the account owner, (or owners, if
there is more than one,) and the credit union that upon the death of
the last surviving owner of the account, and after payment of
account proceeds to any se cured party with a valid security interest
in the account, the credit union will hold the funds for or pay the
funds them to the named primary beneficiary or beneficiaries, if
living. If any named a primary beneficiary is not living
predeceases the accoun t owner, the share of that primary beneficiary
shall instead be held for or paid to the estate of that deceased
beneficiary unless contingent beneficiaries have been designated by
the account owner as allowed by paragraph 4 of this subsection be
distributed pursuant to either paragraph 4, 5, or 8 of this
subsection, whichever is applicable ;
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3. Each P.O.D. beneficiary designated on an a share or deposit
account shall be a primar y beneficiary unless specifically
designated as a contingent beneficiary;
4. If there is only one primary P.O.D. beneficiary on an a
share or deposit account and that beneficiary is an individual, the
account owner may designate one or more contingent beneficiaries for
whom the funds shall be held or to whom the funds shall be paid i f
the primary beneficiary is not living when the last surviving owner
of the account dies. If there is more than one primary P.O.D.
beneficiary on an a share or deposit account, contingent
beneficiaries shall not be allowed on that account;
5. If the only sole primary P.O.D. beneficiary is not living
and one or more contingent beneficiaries have been designated as
allowed by paragraph 4 of this subsection, the funds shall be held
for or paid to the contingent beneficiaries who are alive at the
time of the account owner's death in equal shares, and shall not
belong to the estate of the deceased primary beneficiary or the
estate of the deceased account holder . If neither the only primary
beneficiary is not living, and a nor any contingent beneficiary or
contingent beneficiaries have been designated as allowed by
paragraph 4 of this subsection, but one or more designated
contingent beneficiaries are also not living, the share that
otherwise would belong to any deceased contingent beneficiary is
living at the time of the account owner 's death, the funds shall
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instead be held for or paid to the estate of that deceased
contingent beneficiary account owner's estate;
6. In order to designate multiple primary P.O.D. beneficiaries
for an a share or deposit account, the account should be styled as
follows: "(Name of Account Owner), payable on death (or P.O.D.) to
(Name of Beneficiary), (Name of Beneficiary), and (Name of
Beneficiary), in equal shares).";
7. If only one primary P.O.D. beneficiary has been designated
on an a share or deposit account, the account owner may add the
following, or words of similar meaning, in the style of the account
or in the account agreement: "If the designated P.O.D. beneficiary
is deceased, then payable on the death of the account ow ner to (Name
of Beneficiary), (Name of Beneficiary), and (Name of Beneficiary),
as contingent beneficiaries, in equal shares. ";
8. Adjustments may be made in the styling, depending upon the
number of owners of the account, to allow for survivorship rights ,
and the number of beneficiaries. It is to be understood that each
beneficiary is entitled to a proportionate share of the account
proceeds only after the death of the last s urviving account owner,
and after payment of account proceeds to any secured par ty with a
valid security interest in the account. In the event of the death
of a beneficiary prior to the death of the account owner, the share
of that beneficiary shall go to the estate of that beneficiary
unless one or more contingent beneficiaries have been designated to
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take the place of that beneficiary as provided in paragraph 4 of
this subsection. All designated primary P.O.D. beneficiaries shall
have equal shares. All designated contingent P.O.D. beneficiaries
shall have equal shares as if the so le primary beneficiary is
deceased. In the event of the death of a beneficiary prior to the
death of the account owner, the share of t hat beneficiary shall be
divided among any surviving beneficiaries or distributed to
contingent beneficiaries pursuant to paragraphs 4 and 5 of this
subsection, if applicable. If no beneficiaries are alive at the
time of the account owner 's death, the funds shall be held for, or
paid to, the estate of the deceased account owner ;
9. A credit union may require the owner of a n account to
provide an address for any primary or contingent P.O.D. beneficiary.
If the P.O.D. account is an interest -bearing account and the funds
are not claimed by the P.O.D. beneficiary or beneficiaries within
sixty (60) days after the death of the l ast surviving account
holder, or after the credit union has notice of the death of the
last surviving account holder, whichever is later, the credit union
has the right to conv ert the account to a non -interest-bearing
account;
10. No change in the designa tion of a named beneficiary shall
be valid unless executed by the owner of the fund and in the form
and manner prescribed by the credit union; however, this section
shall be subject to the provisions of Section 178 of Title 15 of the
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Oklahoma Statutes. Un til the death of the member or owner, the
member or owner shall possess and may exercise all rights,
respecting the shares or deposits, including the power to vote,
pledge, withdraw, in whole or in part, make additions to, and to in
any way deal with the s hares or deposit. The receipt or acquittance
of the member or owner shall be a valid and sufficient release and
discharge of the credit union as to any payment to the member or
owner; and
11. The receipt or acquittance of the named beneficiary so
paid, or of the legal representative of such named beneficiary 's the
account owner's estate, if in the event the beneficiary is deceased
and there is no contingent beneficiary designa ted to take the place
of that beneficiary predeceased the account owner , shall be valid
and sufficient release and discharge to the credit union for any
payment so made; and
12. After January 1, 2008 Subsequent to the effective date of
this act, a credit union shall provide a customer member creating a
P.O.D. account with a written n otice that the distribution of the
proceeds in the P.O.D. account shall be consistent with the
provisions of this section.
B. The provisions of this section shall apply to all forms of
deposit accounts including, but not limited to, share accounts,
transaction accounts, savings accounts, certificates of deposits,
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negotiable order of withdrawal (N.O.W.) accounts, and M.M.D.A.
accounts.
SECTION 2. This act shall become effective November 1, 2025.
COMMITTEE REPORT BY: COMMITTEE ON JUDICIARY
April 8, 2025 - DO PASS