{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-2025","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-2025","heading":"Share or deposit account payable on death – Application","body":"A. Share and deposit account proceeds that are payable to a\n\nbeneficiary upon the death of the account owner shall be offered\n\npursuant to the following provisions:\n\n1. When shares are owned or a deposit has been made or shall\n\nhereafter be made in any credit union using the terms \"Payable on\n\nDeath\" or \"P.O.D.\", such deposits shall be payable on the death of\n\nthe account owner to one or more designated P.O.D. beneficiaries, or\n\nto an individual or individuals named beneficiary if living and if\n\nnot living, to the estate of the deceased account holder,\n\nnotwithstanding any provision to the contrary contained in Sections\n\n41 through 57 of Title 84 of the Oklahoma Statutes. Each designated\n\nP.O.D. beneficiary shall be a trust, an individual, or a nonprofit\n\norganization exempt from taxation pursuant to the provisions of the\n\nInternal Revenue Code, 26 U.S.C., Section 501(c)(3);\n\n2. A share or deposit account with a P.O.D. designation shall\n\nconstitute a contract between the account owner, (or owners, if more\n\nthan one) and the credit union that upon the death of the last\n\nsurviving owner of the account, and after payment of account\n\nproceeds to any secured party with a valid security interest in the\n\naccount, the credit union will hold the funds for or pay them to the\n\nnamed primary beneficiary or beneficiaries, if living. If a primary\n\nbeneficiary predeceases the account owner, the share of that primary\n\nbeneficiary shall be distributed pursuant to either paragraph 4, 5,\n\nor 8 of this subsection, whichever is applicable;\n\n3. Each P.O.D. beneficiary designated on a share or deposit\n\naccount shall be a primary beneficiary unless specifically\n\ndesignated as a contingent beneficiary;\n\n4. If there is only one primary P.O.D. beneficiary on a share\n\nor deposit account and that beneficiary is an individual, the\n\naccount owner may designate one or more contingent beneficiaries for\n\nwhom the funds shall be held or to whom the funds shall be paid if\n\nthe primary beneficiary is not living when the last surviving owner\n\nof the account dies. If there is more than one primary P.O.D.\n\nbeneficiary on a share or deposit account, contingent beneficiaries\n\nshall not be allowed on that account;\n\n5. If the sole primary P.O.D. beneficiary is not living and one\n\nor more contingent beneficiaries have been designated as allowed by\n\nparagraph 4 of this subsection, the funds shall be held for or paid\n\nto the contingent beneficiaries who are alive at the time of the\n\naccount owner's death in equal shares, and shall not belong to the\n\nestate of the deceased primary beneficiary or the estate of the\n\ndeceased account holder. If neither the primary beneficiary nor any\n\ncontingent beneficiary is living at the time of the account owner's\n\ndeath, the funds shall be paid to the account owner's estate;\n\n6. In order to designate multiple primary P.O.D. beneficiaries\n\nfor a share or 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\n7. If only one primary P.O.D. beneficiary has been designated\n\non a share or deposit account, the account owner may add the\n\nfollowing, or words of similar meaning, in the style of the account\n\nor in the account agreement: \"If the designated P.O.D. beneficiary\n\nis deceased, then payable on the death of the account owner to (Name\n\nof Beneficiary), (Name of Beneficiary), and (Name of Beneficiary),\n\nas contingent beneficiaries, in equal shares.\";\n\n8. Adjustments may be made in the styling, depending upon the\n\nnumber of owners of the account, to allow for survivorship rights,\n\nand the number of beneficiaries. It is to be understood that each\n\nbeneficiary is entitled to a proportionate share of the account\n\nproceeds only after the death of the last surviving account owner,\name of Beneficiary),\n\nas contingent beneficiaries, in equal shares.\";\n\n8. Adjustments may be made in the styling, depending upon the\n\nnumber of owners of the account, to allow for survivorship rights,\n\nand the number of beneficiaries. It is to be understood that each\n\nbeneficiary is entitled to a proportionate share of the account\n\nproceeds only after the death of the last surviving account owner,\n\nand after payment of account proceeds to any secured party with a\n\nvalid security interest in the account. All designated primary\n\nP.O.D. beneficiaries shall have equal shares. All designated\n\ncontingent P.O.D. beneficiaries shall have equal shares as if the\n\nsole primary beneficiary is deceased. In the event of the death of\n\na beneficiary prior to the death of the account owner, the share of\n\nthat beneficiary shall be divided among any surviving beneficiaries\n\nor distributed to contingent beneficiaries pursuant to paragraphs 4\n\nand 5 of this subsection, if applicable. If no beneficiaries are\n\nalive at the time of the account owner's death, the funds shall be\n\nheld for, or paid to, the estate of the deceased account owner;\n\n9. A credit union may require the owner of an account to\n\nprovide an address for any primary or contingent P.O.D. beneficiary.\n\nIf the P.O.D. account is an interest-bearing account and the funds\n\nare not claimed by the P.O.D. beneficiary or beneficiaries within\n\nsixty (60) days after the death of the last surviving account\n\nholder, or after the credit union has notice of the death of the\n\nlast surviving account holder, whichever is later, the credit union\n\nhas the right to convert the account to a non-interest-bearing\n\naccount;\n\n10. No change in the designation of a named beneficiary shall\n\nbe valid unless executed by the owner of the fund and in the form\n\nand manner prescribed by the credit union; however, this section\n\nshall be subject to the provisions of Section 178 of Title 15 of the\n\nOklahoma Statutes. Until the death of the member or owner, the\n\nmember or owner shall possess and may exercise all rights,\n\nrespecting the shares or deposits, including the power to vote,\n\npledge, withdraw, in whole or in part, make additions to, and to in\n\nany way deal with the shares or deposit. The receipt or acquittance\n\nof the member or owner shall be a valid and sufficient release and\n\ndischarge of the credit union as to any payment to the member or\n\nowner; and\n\n11. The receipt or acquittance of the named beneficiary so\n\npaid, or of the legal representative of the account owner's estate,\n\nin the event the beneficiary predeceased the account owner, shall be\n\nvalid and sufficient release and discharge to the credit union for\n\nany payment so made;\n\nSubsequent to the effective date of this act, a credit union\n\nshall provide a member creating a P.O.D. account with a written\n\nnotice that the distribution of the proceeds in the P.O.D. account\n\nshall be consistent with the provisions of this section.\n\nB. The provisions of this section shall apply to all forms of\n\ndeposit accounts including, but not limited to, share accounts,\n\ntransaction accounts, savings accounts, certificates of deposits,\n\nnegotiable order of withdrawal (N.O.W.) accounts, and M.M.D.A.\n\naccounts.","path":["OK Code","Title 6"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os6.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"4f8758c400e02f8f561a8676aae06d509d49b47209da45bc944188c5d49e6715","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-2024","next":"us-ok/okla.-stat.-tit.-6-6-2026"},"notice":"GroundRules: Original legal text. Not legal advice."}