Trustee Savings Banks Act, 1989

Payment by trustee savings bank of small deposits on death.

60.—(1) Where a depositor with a trustee savings bank dies, the sum on deposit or part of it, not exceeding such amount as may from time to time be fixed by the Central Bank after consultation with the Minister, may be paid by the bank, without representation within the meaning of the Succession Act, 1965 , having been granted in respect of the estate of the depositor, to the person who appears to the bank to be entitled to receive it, whether as personal representative of the depositor or otherwise, upon the bank's being satisfied by evidence contained in a statutory declaration of the occurrence of the death and of the entitlement of the person, by or on whose behalf the sum is claimed, to the receipt thereof.

(2) Where a payment is made under this section to a person who is not the executor of the depositor concerned, the bank concerned shall as soon as may be, give to the President of the High Court particulars in writing of the payment.

(3) Where a bank duly makes a payment under this section, the payment shall be valid and effectual with respect to any demands against the funds of the bank from any person making a claim as regards the estate of the depositor concerned but the person claiming shall have his remedy for the amount of the payment against the person to whom the payment was made.