Printable Format9-1205. Joint accounts. Deposits may be made in the names of two or more persons, including minors, and funds on deposit may be paid to any or all of the joint owners under the terms of the deposit contract. Payment to a joint owner in accordance with the terms of the deposit contract shall be valid and sufficient release and discharge to the bank for any payment so made.
History: L. 1947, ch. 102, § 54; L. 2015, ch. 38, § 70; July 1.
Source or prior law:
9-173.
Law Review and Bar Journal References:
Disadvantages discussed, James D. Dye, 21 J.B.A.K. 351, 362 (1953).
"Attachment or Garnishment of Jointly Held Bank Accounts," Clarence Koch, 7 W.L.J. 51, 58 (1967).
"Does Kansas Need the Uniform Probate Code?" Verne M. Laing, 42 J.B.A.K. 139, 185 (1973).
CASE ANNOTATIONS
1. Section designed for bank's protection; ownership of account not affected. Spark v. Brown, 167 Kan. 159, 164, 205 P.2d 938.
2. Section is for protection of banks; ownership of account not affected. Miller v. Higgins, 188 Kan. 736, 739, 366 P.2d 257.
3. Survivor is the unqualified owner of a joint account. Spicer v. United States, 217 F. Supp. 44, 45, 49.
4. Section does not affect ownership of funds as between joint tenants. In re Estate of Wood, 218 Kan. 630, 633, 545 P.2d 307.
5. Cited; not applicable to determine ownership of funds in alleged joint tenancy. In re Estate of Carter, 6 Kan. App. 2d 934, 938, 636 P.2d 227 (1981).
6. Bank not liable for cashing CD pledged by co-owner; foreclosure of instrument. Bridges v. Central Bank and Trust Co., 926 F.2d 971 (1991).