§ 23-37-504 — Accounts of deceased nonresidents

Arkansas § 23-37-504

• Jurisdiction: Arkansas
• Title: 23

Text

(a) When a savings account is held in any association or federal association by a person residing in another state or country, the account, together with additions thereto and earnings thereon, or any part thereof, may be paid to the administrator or executor appointed in the state or country where the account holder resided at the time of death if the administrator or executor has furnished the association with: (1) Authenticated or certified copies of his or her letters; and (2) An affidavit by the administrator or executor that, to his or her knowledge, no letters then are outstanding in this state and no petition for letters is pending on the estate in this state, and that there are no creditors of the estate in this state. (b) Upon payment or delivery to the representative after receipt of the affidavit and authenticated copies, the association shall be released and discharged to the same extent as if the payment or delivery had been made to a legally qualified resident executor or administrator, and the association shall not be required to see to the application or disposition of the property. (c) No action at law or in equity shall be maintained against the association for payment made in accordance with this section.

Legislative History

Acts 1963, No. 227, § 42; A.S.A. 1947, § 67-1842.