The bill, SB 137, aims to clarify and expand the provisions regarding the access and transfer of contents from safety deposit boxes and other property held by banks and credit unions when a customer or member passes away. It allows for the transfer of such assets to a succession or estate representative appointed by a court, not only within the state but also from courts in other states. The bill specifies that a judgment of possession or court order recognizing the heirs or legatees of the deceased's estate will serve as proper authority for the transfer of assets, ensuring that banks and credit unions are protected from liability in these transactions.

Key amendments include the addition of provisions that explicitly allow credit unions to grant access to or transfer property to estate representatives, as well as the removal of the requirement for certification of letters or judgments according to the Acts of Congress. Instead, the bill stipulates that certification should follow the law of the jurisdiction where the court is located. The proposed changes are set to take effect on August 1, 2024, and aim to streamline the process for handling the estates of deceased customers, ensuring clarity and legal protection for financial institutions involved.

Statutes affected:
SB137 Original: 6:325(B), 6:767(C), 6:768(B)
SB137 Engrossed: 6:325(B), 6:767(C), 6:768(B)
SB137 Reengrossed: 6:325(B), 6:767(C), 6:768(B)
SB137 Enrolled: 6:325(B), 6:4(B), 6:767(C), 6:768(B)
SB137 Act 759: 6:325(B), 6:4(B), 6:767(C), 6:768(B)