When shares are owned or a deposit made by a member using the terms "Payable on Death" or "Payable on the Death of" or "P.O.D.", such shares and deposit shall be payable on the member or owner's death to the named beneficiary if living and if not living, to the named beneficiary's estate, notwithstanding any provision to the contrary contained in Sections 41 through 57 of Title 84 of the Oklahoma Statutes. The receipt or acquittance of the named beneficiary so paid or the legal representative of the named beneficiary's estate, if deceased, shall be valid and sufficient release and discharge to the credit union for any payment so made. No change in the designation of a named beneficiary shall be valid unless executed by the member or owner of the shares or deposit in the form and manner prescribed by the credit union; however, this section shall be subject to the provisions of Section 178 of Title 15 of the Oklahoma Statutes. Until the member or owner's death, the member or owner shall possess and may exercise all rights respecting the shares or deposits, including the power to vote, pledge, withdraw, in whole or in part, make additions to, and to in any way deal with the shares or deposit; the receipt or acquittance of the member or owner shall be a valid and sufficient release and discharge of the credit union as to any payment to the member or owner.

Laws 1981, SB 216, c. 156, § 5, emerg. eff. May 8, 1981; Amended by Laws 1994, SB 1028, c. 313, § 2, eff. September 1, 1994.