Transfer of interest on death permits nominee or heir to receive share with consent and payment within statutory period. On a member's death the society shall transfer the member's share to the nominated person or, absent a nomination, to the board recognized heir or legal representative, or pay the ascertained value of the share; no transfer or payment is to be made without the consent of the nominee, heir or legal representative, and the society must pay other moneys due within the statutory period unless a competent court order prevents payment; such transfers and payments are valid against other claims.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Transfer of interest on death permits nominee or heir to receive share with consent and payment within statutory period.
On a member's death the society shall transfer the member's share to the nominated person or, absent a nomination, to the board recognized heir or legal representative, or pay the ascertained value of the share; no transfer or payment is to be made without the consent of the nominee, heir or legal representative, and the society must pay other moneys due within the statutory period unless a competent court order prevents payment; such transfers and payments are valid against other claims.
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