{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-381.39a","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-381.39a","heading":"Joint accounts – P.O.D. accounts – Designation of","body":"beneficiaries - Payment.\n\nA. When a deposit has been made or shall hereafter be made in\n\nany association in the names of two or more persons, payable to any\n\nof them or payable to any of them or their survivor, such deposit,\n\nor any part thereof, or any interest thereon, may be paid to either\n\nof the persons, whether one of such persons shall be a minor or not,\n\nand whether the other be living or not. The receipt or acquittance\n\nof the person so paid shall be valid and sufficient release and\n\ndischarge to the association for any payment so made.\n\nB. 1. When a deposit has been made or shall hereafter be made\n\nin any association using the terms \"Payable on Death\" or \"P.O.D.\",\n\nsuch deposits shall be payable on the designated person's death to a\n\ntrust designated in the deposit account agreement as the P.O.D.\n\nbeneficiary, or to an individual or individuals named beneficiary,\n\nif living, and if not, to the named beneficiary's estate,\n\nnotwithstanding any provision to the contrary contained in Sections\n\n41 through 57 of Title 84 of the Oklahoma Statutes. Such deposit\n\nshall constitute a contract between the depositor and the\n\nassociation that upon the death of the named owner of the account\n\nthe association will hold the funds for or pay them to the named\n\nbeneficiary or the estate of the named beneficiary.\n\n2. In order to designate multiple payable-on-death\n\nbeneficiaries for a deposit account, the account should be styled as\n\nfollows: \"(Name of Account Owner), payable on death (or P.O.D.) to\n\n(Name of Beneficiary), (Name of Beneficiary), and (Name of\n\nBeneficiary), in equal shares\".\n\n3. Adjustments may be made in the styling, depending upon the\n\nnumber of beneficiaries. It is to be understood that each\n\nbeneficiary is entitled to a proportionate share of the account\n\nproceeds upon the owner's death. In the event of the death of a\n\nbeneficiary prior to the death of the owner, the beneficiary's share\n\nshall go to the beneficiary's estate. It is not permissible for an\n\naccount to designate unequal shares for different payable-on-death\n\nbeneficiaries.\n\n4. An association may require the owner of an account to\n\nprovide an address for any payable-on-death beneficiary. If the\n\nP.O.D. account is an interest-bearing account and the funds are not\n\nclaimed by the payable-on-death beneficiary or beneficiaries within\n\nsixty (60) days after the death of the account holder, or after the\n\nassociation has notice of the account holder's death, whichever is\n\nlater, the association has the right to convert the account to a\n\nnoninterest-bearing account.\n\n5. No change in the designation of a named beneficiary shall be\n\nvalid unless executed by the owner of the fund and in the form and\n\nmanner prescribed by the association; however, this section shall be\n\nsubject to the provisions of Section 178 of Title 15 of the Oklahoma\n\nStatutes.\n\n6. The receipt or acquittance of the named beneficiary so paid\n\nor the legal representative of such named beneficiary's estate, if\n\ndeceased, shall be valid and sufficient release and discharge to the\n\nassociation for any payment so made, unless, prior to such payment,\n\nthe association receives notice in the form and manner required in\n\nSection 905 of Title 6 of the Oklahoma Statutes.\n\nC. The provisions of this section shall apply to all forms of\n\ndeposit accounts, including, but not limited to, transaction\n\naccounts, savings accounts, certificates of deposits, negotiable\n\norder of withdrawal (N.O.W.) accounts, and money market deposit\n\naccounts (M.M.D.A.).","path":["OK Code","Title 18"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os18.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"c09c6e54ddc1cc8d5158c63174b96c2c38c89149bf730006975f9057fd45a6f6","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-381.38","next":"us-ok/okla.-stat.-tit.-18-18-381.4"},"notice":"GroundRules: Original legal text. Not legal advice."}