Montana Code 32-3-505. Joint accounts
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.
Terms Used In Montana Code 32-3-505
- Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
(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.