Oklahoma § 6-2026 - Trust shares
Full text of Oklahoma Oklahoma Statutes § 6-2026 — Trust shares, with citation guidance and answers to common questions.
§ 6-2026. Trust shares
Shares or deposits may be held in the name of a member in trust
for a beneficiary, or in the name of a nonmember in trust for a
beneficiary who is a member. Payment of all or part of such trust
funds to the person in whose name the shares or deposits are held
shall, to the extent of such payment, discharge the liability of the
credit union to that party and to the beneficiary, and the credit
union shall be under no obligation to see to the application of such
payment. Until the death of the person in whose name the shares or
deposits are held, that person shall possess and may exercise all
rights respecting such 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 said shares or deposits, unless the credit
union shall have been given written notice of the terms of any trust
agreement to the contrary. Absent such written notice, the receipt
and acquittance of the person in whose name the shares or deposits
are held shall be a valid and sufficient release and discharge of
the credit union as to any payment to that person. In the event of
the death of the person in whose name a trust account is held, where
the credit union has been given no other written notice of the terms
of any trust, the shares or deposits so held, or any part thereof,
together with dividends, or interest thereon, shall be payable to
the beneficiary and the receipt or acquittance of the beneficiary
shall be valid and sufficient release and discharge to the credit
union for any payment so made.
Oklahoma Statutes - Title 6. Banks and Trust Companies
Added by Laws 1981, c. 156, § 6, emerg. eff. May 8, 1981.
Frequently Asked Questions About Oklahoma § 6-2026
What does Oklahoma Statutes § 6-2026 cover?
Section 6-2026 ("Trust shares") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 6-2026?
A common citation format is "Oklahoma Statutes § 6-2026" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 6-2026 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.