The bill, SB 137, aims to clarify and expand the provisions regarding the access and transfer of property held in safety deposit boxes or accounts belonging to deceased customers of banks and credit unions. It allows for the transfer of such property to succession or estate representatives appointed by a court, not only within the state but also from other states. The bill specifies that letters testamentary, letters of administration, or letters of independent administration must be issued by a court of competent jurisdiction, and it includes provisions for the recognition of court orders or judgments of possession from other states as valid authority for transferring property.

Additionally, the bill removes the requirement that copies of letters or judgments be certified according to the Acts of Congress, instead allowing for certification according to the law of the place where the court is located. This change aims to streamline the process for credit unions and banks when dealing with the estates of deceased members or customers. The effective date for these changes is set for August 1, 2024.

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)