Commonwealth Consolidated Acts

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Powers about money of depositors who have died

             (1)  If a depositor of an ADI dies, the ADI may apply an amount not exceeding $15,000 held by the ADI that was deposited or paid up on a withdrawable share by the deceased person:

                     (a)  in payment of the deceased person's funeral expenses or debts; or

                     (b)  in payment to the executor of the deceased person's will; or

                     (c)  in payment to anyone else who is, in the ADI's opinion, entitled to the amount, having regard to the laws of probate and accepted practice for the administration of deceased estates.

The amount may be applied without production of probate, of the will or letters of administration of the estate.

             (2)  No action lies against an ADI for acting, or failing to act, under subsection (1).

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