32-2-212. Requirements of transfer in certain cases. When a certificate of stock or a savings account in a building and loan association is owned by persons residing out of the state or is lost, the president, secretary, or directors of the association, before entering any transfer of the stock or account on its books or before issuing a new certificate to the transferee or owner, may require from the attorney or agent of the owner or from the person claiming under the transfer an affidavit or other evidence that the owner was alive at the date of the transfer or that the original certificate is lost and has not been assigned or transferred. The president, secretary, or directors may also require from the attorney, agent, or claimant a bond of indemnity, with a surety or sureties satisfactory to the officers of the association, to protect the association against any liability to the owner, assignee, or transferee of the shares or account or the legal representatives of the owners of the shares or account, in case of the owner's death before the transfer, and also to protect the association against any liability accruing or resulting by reason of the lost or original certificate being presented to it. If the affidavit or other evidence or bond is not furnished when required as provided in this section, neither the association nor any officer of the association is liable for refusing to enter the transfer on the books of the association.

History: En. Sec. 15, Ch. 57, L. 1927; re-en. Sec. 6355.16, R.C.M. 1935; R.C.M. 1947, 7-117; amd. Sec. 9, Ch. 5, L. 1983; amd. Sec. 1031, Ch. 56, L. 2009.