Oklahoma § 18-381.47 - Notice and payment of withdrawals

§ 18-381.47. Notice and payment of withdrawals

With respect to deposit accounts, an association may require

such minimum advance notice of withdrawal as is specified by federal

regulations or such longer advance notice period of not more than

thirty (30) days as its bylaws may provide. The payment of

withdrawals from deposit accounts, in the event an association does

not have funds available to pay all withdrawals when due, shall be

subject to such rules and procedures as may be prescribed by the

State Banking Commissioner, but any association which, except as

authorized in writing by the Commissioner, fails to make full

payment of any withdrawal when due shall be deemed to be in an

Oklahoma Statutes - Title 18. Corporations

unsafe or unsound condition to transact business within the meaning

of Section 381.74 of this title.

Added by Laws 1970, c. 101, § 47, eff. June 1, 1970. Amended by

Laws 1978, c. 168, § 21, eff. July 1, 1979; Laws 1990, c. 118, § 12,

emerg. eff. April 23, 1990; Laws 1993, c. 183, § 52, eff. July 1,

1993; Laws 2000, c. 81, § 45, eff. Nov. 1, 2000.

§18-381.48a. Sole owner accounts without payable-on-death

beneficiary – Transfer of deposits to known heirs - Affidavit.

A. When a deposit has been made in an association in the name

of a sole individual without designation of a payable-on-death

beneficiary, upon the death of the sole owner of the deposit

account, if the amount of the aggregate deposits held in single

ownership accounts in the name of the deceased individual is Five

Thousand Dollars ($5,000.00) or less, the association may transfer

the funds to the known heirs of the deceased upon receipt of an

affidavit sworn to by the known heirs of the deceased which

establishes jurisdiction and relationship and states that the owner

of the deposit account left no will. The affidavit shall be sworn

to and signed by the known heirs of the deceased and same shall

swear that the facts set forth in the affidavit establishing

jurisdiction, heirship and intestacy are true and correct.

B. Receipt by the association of the affidavit described in

subsection A of this section shall be a valid and sufficient release

and discharge to the association for any transfer of deposits made

pursuant thereto and shall set to discharge the association from

liability as to any other party, including any heir, legatee,

devisee, creditor or other person having rights or claims to funds

or property of the decedent, and include a discharge of the

association from liability for any estate, inheritance or other

taxes which may be due the state from the estate or as a result of

the transfer.

C. Any person who knowingly submits and signs a false affidavit

as provided in this section shall be fined not more than Three

Thousand Dollars ($3,000.00) or imprisoned for not more than six (6)

months, or both. Restitution of the amount fraudulently attained

shall be made to the rightful beneficiary by the guilty person.

Added by Laws 2000, c. 81, § 46, eff. Nov. 1, 2000.