District of Columbia § 26-506.08 Trust accounts.

District of Columbia Statutes

§ 26-506.08 — Trust accounts.

District of Columbia § 26-506.08

JurisdictionDistrict of Columbia

Title 26Banks and Other Financial Institutions.

Ch. 5Credit Unions.

Subch. ICredit Union Act of 2020.

Part FMember Accounts.

This text of District of Columbia § 26-506.08 (Trust accounts.) is published on Counsel Stack Legal Research, covering District of Columbia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

D.C. Code § 26-506.08 (2026).

Text

(a)Share and deposit accounts may be owned by one or more members in trust for one or more beneficiaries or by one or more nonmembers in trust for one or more beneficiaries who are members.

(b)Payment of part or all of a trust account to the party in whose name the account is held shall, to the extent of the payment, discharge the liability of the District credit union to that party and the beneficiary, and the District credit union shall be under no obligation to verify the application of the payment.

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(a) Share and deposit accounts may be owned by one or more members in trust for one or more beneficiaries or by one or more nonmembers in trust for one or more beneficiaries who are members.

(b) Payment of part or all of a trust account to the party in whose name the account is held shall, to the extent of the payment, discharge the liability of the District credit union to that party and the beneficiary, and the District credit union shall be under no obligation to verify the application of the payment.