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#216878 - 07/28/04 07:34 PM Association as beneficiary on CD
Dave M_TCA Offline
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Dave M_TCA
Joined: Oct 2000
Posts: 683
Wherever my most benevolent em...
A customer came into the bank asking if they could make an association the POD on their CD. I don't see a problem with this, but my question is: What would you use to cash in the CD in that event? What would you require for proof of the association? Thanks in advance for any help.
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David J Mulkerin, CRCM
All opinions expressed are mine and not those of my employer and are not to be taken as legal advice.

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General Discussion
#216879 - 07/28/04 10:57 PM Re: Association as beneficiary on CD
Banker Boy Offline
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Banker Boy
Joined: Oct 2003
Posts: 69
Florida
If it's unincorporated, I believe they would still file with the state. If it's a corporation (an association can be incorporated), they would have their corporate paperwork.

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#216880 - 07/29/04 08:47 PM Re: Association as beneficiary on CD
Mocha's Mom Offline
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Mocha's Mom
Joined: Jun 2004
Posts: 633
Western MA
This was a question that my bank recently addressed. The operative law regarding beneficiaries in Massachusetts Chapter 167D uses the term "person" but does not define what a person is. We made the decision to only allow actual persons (people, humans, what have you) to be a beneficiary because of the difficulty in determining who would be the representative able to transact upon the death of the owner.

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#216881 - 07/30/04 02:33 PM Re: Association as beneficiary on CD
Dave M_TCA Offline
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Dave M_TCA
Joined: Oct 2000
Posts: 683
Wherever my most benevolent em...
But if it's John Doe coming in for the association, what records would you require proving that John is with the association?
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David J Mulkerin, CRCM
All opinions expressed are mine and not those of my employer and are not to be taken as legal advice.

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#216882 - 07/30/04 03:04 PM Re: Association as beneficiary on CD
HappyGilmore Offline
10K Club
Joined: Jun 2004
Posts: 19,602
Pulling people out of the ditc...
you would have articles of incorporation stating who the officers of the association are, or who are empowered to act on the associations behalf.
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