Any association may pay to the successor of a deceased depositor, as defined in Section 91-7-322(2), without necessity of administration, any sum to the credit of the deceased not exceeding Twelve Thousand Five Hundred Dollars ($12,500.00), upon affidavit that the deceased died leaving no last will and testament and bond signed by each of the successors guaranteeing payment of any lawful debts of the deceased to the extent of that withdrawal. The receipt of acquittance of the person or persons so paid shall be valid and sufficient release and discharge to the association as against all other persons and claimants for any payment so made; however, the bond shall be made available to any creditor for suit against the makers of the bond.
Miss. Code Ann. § 81-12-143
Payments to successors without administration
Known as the Savings Association Law
The act spans §§ 81-12-1 to 81-12-99 (121 sections).
Laws, 1977, ch. 445, § 39; Laws, 1980, ch. 426, § 2; reenacted, 1982, ch. 301, § 72; Laws, 1990 Ex Sess, ch. 52, § 73; Laws, 1993, ch. 441, § 73; Laws, 1994, ch. 622, § 105; Law…
Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.