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§ 605. Tentative trusts

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and BankingEffective: December 24, 2012

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 7 P.S. Banks and Banking (Refs & Annos)
Banking Code of 1965 (Refs & Annos)
Chapter 6. Rules Concerning Deposits, Safe-Deposit Agreements and Money Received for Transmission (Refs & Annos)
Effective: December 24, 2012
7 P.S. § 605
§ 605. Tentative trusts
(a) An institution may receive deposits in an account in the names of one or more individuals described as trustees:
(i) for an individual or for multiple individuals jointly or successively, or
(ii) for a non-profit organization without any notice of the existence or of the terms of a trust other than such description.
(b) Upon receipt of satisfactory proof of death of the individual described as trustee, or of all of the individuals described as trustees, in such account, the institution shall pay the balance of the account and all interest thereon upon the check, order or receipt:
(i) if the account is stated to be held in trust for one beneficiary, of such beneficiary;
(ii) if the account is stated to be held in trust for multiple individuals jointly, of all of such individuals or, upon satisfactory proof of death of one of them prior to the death of all the named depositors, of the survivor, if the arrangement previously agreed upon between the institution and the named depositors so provides; or
(iii) if the account is stated to be held in trust for multiple individuals successively, of the individual first named as the beneficiary, or, upon satisfactory proof of his death prior to the death of all the named depositors, of the successive individual for whom the account is stated to be held in trust in the alternative;
and, in the event any individual to whom such account is payable is a minor, may make payment to the minor without the assent of a parent or guardian, unless expressly provided otherwise in the deposit arrangement, and with the same effect as though the minor were an adult.

Credits

1965, Nov. 30, P.L. 847, No. 356, § 605. Amended 2012, Oct. 24, P.L. 1336, No. 170, § 29, effective in 60 days [Dec. 24, 2012].
7 P.S. § 605, PA ST 7 P.S. § 605
Current through 2022 Regular Session Act 166. Some statute sections may be more current, see credits for details.
End of Document