Okla. Stat. tit. 18, § 18-381.39a: Joint accounts – P.O.D. accounts – Designation of

beneficiaries - Payment.

A. When a deposit has been made or shall hereafter be made in

any association in the names of two or more persons, payable to any

of them or payable to any of them or their survivor, such deposit,

or any part thereof, or any interest thereon, may be paid to either

of the persons, whether one of such persons shall be a minor or not,

and whether the other be living or not. The receipt or acquittance

of the person so paid shall be valid and sufficient release and

discharge to the association for any payment so made.

B. 1. When a deposit has been made or shall hereafter be made

in any association using the terms "Payable on Death" or "P.O.D.",

such deposits shall be payable on the designated person's death to a

trust designated in the deposit account agreement as the P.O.D.

beneficiary, or to an individual or individuals named beneficiary,

if living, and if not, to the named beneficiary's estate,

notwithstanding any provision to the contrary contained in Sections

41 through 57 of Title 84 of the Oklahoma Statutes. Such deposit

shall constitute a contract between the depositor and the

association that upon the death of the named owner of the account

the association will hold the funds for or pay them to the named

beneficiary or the estate of the named beneficiary.

2. In order to designate multiple payable-on-death

beneficiaries for a deposit account, the account should be styled as

follows: "(Name of Account Owner), payable on death (or P.O.D.) to

(Name of Beneficiary), (Name of Beneficiary), and (Name of

Beneficiary), in equal shares".

3. Adjustments may be made in the styling, depending upon the

number of beneficiaries. It is to be understood that each

beneficiary is entitled to a proportionate share of the account

proceeds upon the owner's death. In the event of the death of a

beneficiary prior to the death of the owner, the beneficiary's share

shall go to the beneficiary's estate. It is not permissible for an

account to designate unequal shares for different payable-on-death

beneficiaries.

4. An association may require the owner of an account to

provide an address for any payable-on-death beneficiary. If the

P.O.D. account is an interest-bearing account and the funds are not

claimed by the payable-on-death beneficiary or beneficiaries within

sixty (60) days after the death of the account holder, or after the

association has notice of the account holder's death, whichever is

later, the association has the right to convert the account to a

noninterest-bearing account.

5. No change in the designation of a named beneficiary shall be

valid unless executed by the owner of the fund and in the form and

manner prescribed by the association; however, this section shall be

subject to the provisions of Section 178 of Title 15 of the Oklahoma

Statutes.

6. The receipt or acquittance of the named beneficiary so paid

or the legal representative of such named beneficiary's estate, if

deceased, shall be valid and sufficient release and discharge to the

association for any payment so made, unless, prior to such payment,

the association receives notice in the form and manner required in

Section 905 of Title 6 of the Oklahoma Statutes.

C. The provisions of this section shall apply to all forms of

deposit accounts, including, but not limited to, transaction

accounts, savings accounts, certificates of deposits, negotiable

order of withdrawal (N.O.W.) accounts, and money market deposit

accounts (M.M.D.A.).