32-3-505. Joint accounts.
149 words·~1 min read·
/mt/title-32/chapter-3/part-5/32-3-505·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
32-3-505 . Joint accounts.
(1)A member may designate any person or persons to hold shares and thrift club accounts with the member in joint tenancy with the right of survivorship, as a tenant in common, or under any other form of multiple-party account ownership permitted by law and allowed by the credit union. A joint tenant, unless a member in the joint tenant's own right, may not be permitted to vote, obtain loans, or hold office or be required to pay an entrance or membership fee. If a credit union allows more than one joint owner to seek credit union membership through a joint account, the joint account must contain a membership share for each joint owner seeking membership.
(2)Payment of part or all of a joint account to any of the joint owners, to the extent of the payment, discharges the liability to all joint owners.