Current through the 2024 Regular Session
Section 91-29-17 - Designation of former spouse or relative of former spouse on certain multiple-party accounts(a) In this section: (1) "Beneficiary," "multiple-party account, "party," "P.O.D. account," "P.O.D. payee," "T.O.D. account," and T.O.D. payee" have the meanings assigned in Title 91, Chapter 21, Mississippi Code of 1972.(2) "Public retirement system" has the meaning assigned by Section 25-11-101.(b) If a decedent established a P.O.D. account, T.O.D. account, or other multiple-party account and the decedent's marriage was later dissolved by divorce, annulment, or a declaration that the marriage is void, any payable on request after death designation provision with respect to that account in favor of the decedent's former spouse or a relative of the former spouse who is not a relative of the decedent is not effective as to that spouse or relative unless:(1) The court decree dissolving the marriage designates the former spouse or the former spouse's relative as the P.O.D. payee, T.O.D. payee, or beneficiary; or(2) After the marriage was dissolved, the decedent redesignated the former spouse or the former spouse's relative as the P.O.D. payee, T.O.D. payee, or beneficiary; or(3) The former spouse or the former spouse's relative is designated to receive the proceeds or benefits in trust for, on behalf of, or for the benefit of a child or dependent of either the decedent or the former spouse.(c) If a designation is not effective under subsection (b), a multiple-party account is payable to the named alternative P.O.D. payee, T.O.D. payee, or beneficiary or, if an alternative P.O.D. payee, T.O.D. payee, or beneficiary is not named, to the estate of the decedent.(d) A financial institution or other person obligated to pay an account described by subsection (b) that pays the account to the former spouse or the former spouse's relative as P.O.D. payee, T.O.D. payee, or beneficiary under a designation that is not effective under subsection (b) is liable for payment of the account to the person provided by subsection (c) only if: (1) Before payment of the account to the designated P.O.D. payee, T.O.D. payee, or beneficiary, the payor receives written notice at the home office or principal office of the payor from an interested person that the designation of the P.O.D. payee, T.O.D. payee, or beneficiary is not effective under subsection (b); and(2) The payor has not interpleaded the account funds into the registry of a court of competent jurisdiction in accordance with the Mississippi Rules of Civil Procedure.(e) This section does not affect the right of a former spouse to assert an ownership interest in an undivided multiple-party account described by subsection (b).(f) This section does not apply to the disposition of a beneficial interest in a retirement benefit or other financial plan of a public retirement system.Added by Laws, 2020, ch. 406, SB 2851,§ 28, eff. 7/1/2020.