Okla. Stat. tit. 6, § 6-901: Deposits in name of two or more persons – "Payable on

Death" deposit accounts - Forms of deposit accounts included.

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

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

or payable to any of them or the 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; and the receipt or acquittance

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

discharge to the bank for any payment so made.

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

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

deposits shall be payable on the death of the account owner to one

or more designated P.O.D. beneficiaries, or to an individual or

individuals named beneficiary if living, and if not living, to the

named estate of the beneficiary, notwithstanding any provision to

the contrary contained in Sections 41 through 57 of Title 84 of the

Oklahoma Statutes. Each designated P.O.D. beneficiary shall be a

trust, an individual, or a nonprofit organization exempt from

taxation pursuant to the provisions of the Internal Revenue Code, 26

U.S.C., Section 501(c)(3).

2. A deposit account with a P.O.D. designation shall constitute

a contract between the account owner, (or owners, if more than one)

and the bank that upon the death of the last surviving owner of the

account, and after payment of account proceeds to any secured party

with a valid security interest in the account, the bank will hold

the funds for or pay them to the named primary beneficiary or

beneficiaries if living. If a primary beneficiary predeceases the

account owner, the share of that primary beneficiary shall be

distributed pursuant to either paragraph 4 or 5 of this subsection,

whichever is applicable.

3. Each P.O.D. beneficiary designated on a deposit account

shall be a primary beneficiary unless specifically designated as a

contingent beneficiary.

4. If there is only one primary P.O.D. beneficiary on a deposit

account and that beneficiary is an individual, the account owner may

designate one or more contingent beneficiaries for whom the funds

shall be held or to whom the funds shall be paid if the primary

beneficiary is not living when the last surviving owner of the

account dies. If there is more than one primary P.O.D. beneficiary

on a deposit account, contingent beneficiaries shall not be allowed

on that account.

5. If the sole primary P.O.D. beneficiary is not living and one

or more contingent beneficiaries have been designated as allowed by

paragraph 4 of this subsection, the funds shall be held for or paid

to the contingent beneficiaries who are alive at the time of the

account owner's death in equal shares, and shall not belong to the

estate of the deceased primary beneficiary. If neither the primary

beneficiary nor any contingent beneficiary is living at the time of

the account owner's death, the funds shall be paid to the account

owner's estate .

6. In order to designate multiple primary P.O.D. 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.)"

7. If only one primary P.O.D. beneficiary has been designated

on a deposit account, the account owner may add the following, or

words of similar meaning, in the style of the account or in the

account agreement:

"If the designated P.O.D. beneficiary is deceased, then payable

on the death of the account owner to (Name of Beneficiary), (Name of

Beneficiary), and (Name of Beneficiary), as contingent

beneficiaries, in equal share."

iary has been designated

on a deposit account, the account owner may add the following, or

words of similar meaning, in the style of the account or in the

account agreement:

"If the designated P.O.D. beneficiary is deceased, then payable

on the death of the account owner to (Name of Beneficiary), (Name of

Beneficiary), and (Name of Beneficiary), as contingent

beneficiaries, in equal share."

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

number of owners of the account, to allow for survivorship rights,

and the number of beneficiaries. It is to be understood that each

beneficiary is entitled to a proportionate share of the account

proceeds only after the death of the last surviving account owner,

and after payment of account proceeds to any secured party with a

valid security interest in the account. All designated primary

P.O.D. beneficiaries shall have equal shares. All designated

contingent P.O.D. beneficiaries shall have equal shares as if the

sole primary beneficiary is deceased. In the event of the death of

a beneficiary prior to the death of the account owner, the share of

that beneficiary shall be divided among any surviving beneficiaries

or distributed to contingent beneficiaries pursuant to paragraphs 4

and 5 of this subsection, if applicable. If no beneficiaries are

alive at the time of the account owner's death, the funds should be

held for, or paid to, the estate of the deceased account owner.

9. A bank may require the owner of an account to provide an

address for any primary or contingent P.O.D. beneficiary. If the

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

claimed by the P.O.D. beneficiary or beneficiaries within sixty (60)

days after the death of the last surviving account holder, or after

the bank has notice of the death of the last surviving account

holder, whichever is later, the bank has the right to convert the

account to a non-interest-bearing account.

10. 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 bank; however, this section shall be

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

Statutes.

11. The receipt or acquittance of the named beneficiary so

paid, or of the legal representative of the account owner's estate,

in the event the beneficiary predeceased the account owner, shall be

valid and sufficient release and discharge to the bank for any

payment so made, unless, prior to such payment, the bank receives

notice in the form and manner required in Section 905 of this title.

12. Subsequent to the effective date of this act, a bank shall

provide a customer creating a P.O.D. account with a written notice

that the distribution of the proceeds in the P.O.D. account shall be

consistent with the provisions of this section.

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 M.M.D.A. accounts.