Code of the District of Columbia

§ 26–506.08. Trust accounts.

(a) Share and deposit accounts may be owned by one or more members in trust for one or more beneficiaries or by one or more nonmembers in trust for one or more beneficiaries who are members.

(b) Payment of part or all of a trust account to the party in whose name the account is held shall, to the extent of the payment, discharge the liability of the District credit union to that party and the beneficiary, and the District credit union shall be under no obligation to verify the application of the payment.

(May 6, 2020, D.C. Law 23-86, § 608, 67 DCR 3476.)