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Any savings bank may pay to the successor of a deceased depositor, as defined in Section 91-7-322(2), without necessity of administration, any sum to the credit of the deceased not exceeding Twelve Thousand Five Hundred Dollars ($12,500.00) upon affidavit that the deceased died leaving no will and testament and bond signed by each of the successors guaranteeing payment of any lawful debts of the deceased to the extent of that withdrawal. The receipt of acquittance of the person or persons so paid shall be a valid and sufficient release and discharge to the savings bank against all other persons and claimants for any payment so made; however, the bond is made available to any creditor for suit against the makers of the bond.
Cite this article: FindLaw.com - Mississippi Code Title 81. Banks and Financial Institutions § 81-14-383. Paying heirs without administration - last updated January 01, 2018 | https://codes.findlaw.com/ms/title-81-banks-and-financial-institutions/ms-code-sect-81-14-383/
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