§767. Death of member or depositor and access and transfer of money and property by
association to succession or estate representatives, legatees, or heirs; authority
A.Upon the death of a member or depositor, the rights of membership or of a
depositor shall continue in the succession representatives, legatees, or heirs of the deceased
depositor, as the case may be.
B.For all purposes, an association may deal with money, on deposit or otherwise,
held by an association in a savings account, demand account, deposit account, share account,
and with any other property, titled in the name of its deceased member or depositor in
accordance with its contract with its deceased member or depositor until the association
receives notice in writing specifically addressed to it of the death of the mem
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§767. Death of member or depositor and access and transfer of money and property by
association to succession or estate representatives, legatees, or heirs; authority
A. Upon the death of a member or depositor, the rights of membership or of a
depositor shall continue in the succession representatives, legatees, or heirs of the deceased
depositor, as the case may be.
B. For all purposes, an association may deal with money, on deposit or otherwise,
held by an association in a savings account, demand account, deposit account, share account,
and with any other property, titled in the name of its deceased member or depositor in
accordance with its contract with its deceased member or depositor until the association
receives notice in writing specifically addressed to it of the death of the member or depositor.
C. Regardless of whether the association has received written notice of the death of
its member or depositor and regardless of any prior action by an association to freeze or
restrict access and transactions related to its deceased member's or depositor's shares or
accounts, upon receipt of the letters testamentary, letters of administration, or letters of
independent administration, issued by a court of competent jurisdiction in this state or any
other state, appointing an authorized succession or estate representative, an association may
grant access to or allow the transfer of money or other property titled in the name of its
deceased member or depositor to the succession or estate representative. Notwithstanding
the provisions of Code of Civil Procedure Article 3402 or other applicable laws, an
association may grant access to or allow the transfer of money or other property titled in the
name of the deceased member or depositor to the succession or estate representative
appointed by a court outside of Louisiana. The letters of the succession or estate
representative shall constitute full and proper authority for the association to grant access to
or allow the transfer of the withdrawal value of share accounts, demand accounts, deposit
accounts, or savings accounts and any dividends or interest that may have accrued thereon
or any money or property held in the name of the deceased member or depositor to such
succession or estate representative. The association shall have no liability related to such
activity or transactions involving its deceased member's or depositor's money or property in
its possession, and the association shall have no liability for any inheritance tax due thereon.
The association may continue to follow the direction of the authorized succession or estate
representative related to the money or other property titled in its deceased member's or
depositor's name unless and until the association receives a subsequent court order, issued
by a court of competent jurisdiction, specifically naming the association and directing the
association to cease following the written direction of the succession or estate representative,
or the association receives a subsequent court order limiting or terminating the authority of
or replacing the succession or estate representative.
D. The judgment of possession or court order issued by a court of competent
jurisdiction in this state or any other state recognizing and putting the legatees or heirs in
possession of the deceased customer's estate shall constitute full and proper authority for the
association holding a safety deposit box or money or other property titled in the name of its
deceased member or customer to transfer those assets to the legatees or heirs entitled to such
property under the judgment of possession or court order, and when an association makes
such a transfer, there shall be full protection to the association against any heir, legatee,
creditor, or other person having any right or claim to money or property of its deceased
customer. The association shall have no liability related to such transfers or transactions
involving its deceased customer's money or other property in the association's possession.
E. Conclusive proof to the association of the letters testamentary, letters of
administration, or letters of independent administration of the succession representative, or
of the judgment of possession, and of the jurisdiction of the court rendering them, shall be
as provided in R.S. 6:325(D).
F. A small succession affidavit authorized by Title V of Book VI of the Code of
Civil Procedure shall constitute full and sufficient authority for the payment or delivery of
any money or property, including property held in a safety deposit box, of the deceased
customer described in the affidavit to the heirs or legatees of the deceased customer and the
surviving spouse in community, if any, in the percentages listed therein, by the association
having such money or property in its possession or under its control. The transfer of the
money or delivery of property identified in the affidavit to the persons named in the affidavit
constitutes a full release and discharge for the payment of money or delivery of property and
any creditor, heir, legatee, succession representative, or other person whatsoever shall have
no right or cause of action against the association paying the money or delivering the
property pursuant to the provisions of this Subsection on account of the payment, delivery,
or transfer.
G. Any association may pay to the surviving spouse the value of any savings or
demand account or shares standing in the name of the decedent in such association without
authorization by any court proceeding, order, or judgment, whether the savings account or
shares belong to the separate estate of the decedent or to the community property regime
which existed between the decedent and the surviving spouse, subject to the provisions of
R.S. 9:1513.