House Bill NO. 464

By Senator(s) Committee

SECTION 102. Section 81-14-383, Mississippi Code of 1972, is reenacted and amended as follows:

81-14-383. Any savings bank may pay to the successor of a deceased savings account holder, as defined in Section 91-7-322(2), without necessity of administration, upon affidavit that the deceased died leaving no 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, any sum in the decedent's account not to exceed Twelve Thousand Five Hundred Dollars ($12,500.00). The receipt of acquittance of the person or persons so paid shall be a valid and sufficient release and discharge to the savings bank against all other persons and claimants for any payment so made; * * * however, the bond is made available to any creditor for suit against the makers of the bond.

TO AMEND REENACTED SECTION 81-14-383, MISSISSIPPI CODE OF 1972, TO INCREASE THE MAXIMUM AMOUNT THAT SAVINGS BANKS MAY PAY TO THE SUCCESSORS OF DECEASED DEPOSITORS WITHOUT NECESSITY OF ADMINISTRATION;