South Carolina Code 34-26-770. Payable-on-death share accounts; effect of transfer of account
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Terms Used In South Carolina Code 34-26-770
- Contract: A legal written agreement that becomes binding when signed.
Notwithstanding any other provision of law, a credit union may establish share and deposit accounts payable to one or more persons during their lifetimes and on the death of all of them to one or more payable-on-death payees. Any transfer to a payable-on-death payee is effective by reason of the account contract and shall not be considered to be a testamentary transfer.