Montana § 32-3-505 Joint Accounts

Montana Statutes

§ 32-3-505 — Joint Accounts

Montana·Title 32 FINANCIAL INSTITUTIONS·Ch. 3 CREDIT UNIONS·Part 5 Shares and 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.

(2)Payment of part or all of a joint account to any of the joint owners, to the extent of the payment, discha

Free access — add to your briefcase to read the full text and ask questions with AI

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.
(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.

Montana § 32-3-505 (Joint Accounts) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.