(a) When shares or investment certificates are issued in the name of two or more persons, whether minor or adult, as joint tenants or in form to be paid to any of them or the survivor or survivors of them, such shares or certificates and all dues paid on account thereof by either or any of such persons shall become the property of such persons as joint tenants. Such shares or investment certificates, together with all dividends and interest thereon, shall be held for the exclusive use of such joint tenants and may be paid to either or any of them during their lifetime or to the survivor or any one of the survivors of them after the death of one or more of them. By written instructions of all such joint tenants given to the association, they may require the signatures of more than one of such persons during their lifetimes or of more than one of the survivors after the death of any one of them on any notice of withdrawal, request for withdrawal, check endorsement or receipt, in which case the association shall pay withdrawals, dividends and interest only in accordance with such instructions, but no such instructions shall limit the right of the sole survivor or of all of the survivors to receive withdrawal payments, dividends and interest.

(b) Payment as provided in the preceding paragraph and the receipt or acquittance of the person or persons to whom such payment is made shall be a valid and sufficient release and discharge to such association for all payments made on account of such shares or certificates prior to the receipt by such association of notice in writing from any one of them not to make payments in accordance with the terms of such shares or certificates or of such instructions. After receipt of such notice an association may refuse, without liability, to pay withdrawals, dividends or interest pending determination of the rights of the parties. The purchase or acceptance of shares or investment certificates in such form shall, in the absence or fraud or undue influence, be conclusive evidence, in any action or proceeding to which either the association or the surviving share or certificate holder or holders may be a party, of the intention of such, share or certificate holders to vest title to such shares

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CH. 127 MISCELLANEOUS PROVISIONS AFFECTING INVESTORS

or certificate and dues paid on account thereof and dividends and interest thereon in such survivor or survivors.

SOURCE: GC § 41403.

2017 NOTE: Subsection designations added pursuant to the authority of 1 Guam Code Ann. § 1606.