Volume 68 · 494
Public Law 83–512
To permit the payment of certain trust accounts to the beneficiary on the death of the trustee by savings and loan, and similar associations in the District of Columbia.
Approved July 19, 1954
Statutory text
AN ACT
To permit the payment of certain trust accounts to the beneficiary on the death of the trustee by savings and loan, and similar associations in the District of Columbia.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That section 4 of the Act entitled “An Act relating to banking, banks, and trust companies in the District of Columbia, and for other purposes”, approved April 5,
1939 (D. C. Code, sec. 26–204), is amended to read as follows:
“Sec. 4.
Whenever a deposit, savings account, or share account, which is in form in trust for another, shall be made or held by any person in any bank, trust company, savings and loan association, building association, building and loan association, or Federal savings and loan association, doing Business in the District of Columbia, and no other or further notice of the existence and terms of a legal and valid trust shall have been given in writing to such bank, trust company, or other association, such deposit, savings account, or share account, or any part thereof, together with the dividends, or interest thereon, may, in the event of the death of the trustee, be paid to the person for whom such deposit, savings account, or share account was made or held, or to his legal representative.”
Approved July 19, 1954.