{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-901","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-901","heading":"Deposits in name of two or more persons – \"Payable on","body":"Death\" deposit accounts - Forms of deposit accounts included.\n\nA. When a deposit has been made or shall hereafter be made in\n\nany bank in the names of two or more persons, payable to any of them\n\nor payable to any of them or the survivor, such deposit, or any part\n\nthereof, or any interest thereon, may be paid to either of the\n\npersons, whether one of such persons shall be a minor or not, and\n\nwhether the other be living or not; and the receipt or acquittance\n\nof the person so paid shall be valid and sufficient release and\n\ndischarge to the bank for any payment so made.\n\nB. 1. When a deposit has been made or shall hereafter be made\n\nin any bank using the terms \"Payable on Death\" or \"P.O.D.\", such\n\ndeposits shall be payable on the death of the account owner to one\n\nor more designated P.O.D. beneficiaries, or to an individual or\n\nindividuals named beneficiary if living, and if not living, to the\n\nnamed estate of the beneficiary, notwithstanding any provision to\n\nthe contrary contained in Sections 41 through 57 of Title 84 of the\n\nOklahoma Statutes. Each designated P.O.D. beneficiary shall be a\n\ntrust, an individual, or a nonprofit organization exempt from\n\ntaxation pursuant to the provisions of the Internal Revenue Code, 26\n\nU.S.C., Section 501(c)(3).\n\n2. A deposit account with a P.O.D. designation shall constitute\n\na contract between the account owner, (or owners, if more than one)\n\nand the bank that upon the death of the last surviving owner of the\n\naccount, and after payment of account proceeds to any secured party\n\nwith a valid security interest in the account, the bank will hold\n\nthe funds for or pay them to the named primary beneficiary or\n\nbeneficiaries if living. If a primary beneficiary predeceases the\n\naccount owner, the share of that primary beneficiary shall be\n\ndistributed pursuant to either paragraph 4 or 5 of this subsection,\n\nwhichever is applicable.\n\n3. Each P.O.D. beneficiary designated on a deposit account\n\nshall be a primary beneficiary unless specifically designated as a\n\ncontingent beneficiary.\n\n4. If there is only one primary P.O.D. beneficiary on a deposit\n\naccount and that beneficiary is an individual, the account owner may\n\ndesignate one or more contingent beneficiaries for whom the funds\n\nshall be held or to whom the funds shall be paid if the primary\n\nbeneficiary is not living when the last surviving owner of the\n\naccount dies. If there is more than one primary P.O.D. beneficiary\n\non a deposit account, contingent beneficiaries shall not be allowed\n\non 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. If neither the primary\n\nbeneficiary nor any contingent beneficiary is living at the time of\n\nthe account owner's death, the funds shall be paid to the account\n\nowner's estate .\n\n6. In order to designate multiple primary P.O.D. beneficiaries\n\nfor a deposit account, the account should be styled as follows:\n\n\"(Name of Account Owner), payable on death (or P.O.D.) to (Name\n\nof Beneficiary), (Name of Beneficiary), and (Name of Beneficiary, in\n\nequal shares.)\"\n\n7. If only one primary P.O.D. beneficiary has been designated\n\non a deposit account, the account owner may add the following, or\n\nwords of similar meaning, in the style of the account or in the\n\naccount agreement:\n\n\"If the designated P.O.D. beneficiary is deceased, then payable\n\non the death of the account owner to (Name of Beneficiary), (Name of\n\nBeneficiary), and (Name of Beneficiary), as contingent\n\nbeneficiaries, in equal share.\"\niary has been designated\n\non a deposit account, the account owner may add the following, or\n\nwords of similar meaning, in the style of the account or in the\n\naccount agreement:\n\n\"If the designated P.O.D. beneficiary is deceased, then payable\n\non the death of the account owner to (Name of Beneficiary), (Name of\n\nBeneficiary), and (Name of Beneficiary), as contingent\n\nbeneficiaries, in equal share.\"\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 should be\n\nheld for, or paid to, the estate of the deceased account owner.\n\n9. A bank may require the owner of an account to provide an\n\naddress for any primary or contingent P.O.D. beneficiary. If the\n\nP.O.D. account is an interest-bearing account and the funds are not\n\nclaimed by the P.O.D. beneficiary or beneficiaries within sixty (60)\n\ndays after the death of the last surviving account holder, or after\n\nthe bank has notice of the death of the last surviving account\n\nholder, whichever is later, the bank has the right to convert the\n\naccount to a non-interest-bearing account.\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 bank; however, this section shall be\n\nsubject to the provisions of Section 178 of Title 15 of the Oklahoma\n\nStatutes.\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 bank for any\n\npayment so made, unless, prior to such payment, the bank receives\n\nnotice in the form and manner required in Section 905 of this title.\n\n12. Subsequent to the effective date of this act, a bank shall\n\nprovide a customer creating a P.O.D. account with a written notice\n\nthat the distribution of the proceeds in the P.O.D. account shall be\n\nconsistent with the provisions of this section.\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 M.M.D.A. accounts.","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":"72d408ab7afc05827c6b76bd802ba1c2fb9465312785deb017fef4f0234dab64","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-809","next":"us-ok/okla.-stat.-tit.-6-6-902"},"notice":"GroundRules: Original legal text. Not legal advice."}