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§ 675.  Joint  deposits  and shares; ownership and payment. (a) When a
deposit of cash, securities, or other property has been  made  or  shall
hereafter be made in or with any banking organization or foreign banking
corporation  transacting  business  in  this state, or shares shall have
been already issued or shall be hereafter issued,  in  any  savings  and
loan  association or credit union transacting business in this state, in
the name of such depositor or shareholder and another person and in form
to be paid or delivered to either, or the survivor of them, such deposit
or shares and any additions thereto made, by  either  of  such  persons,
after  the  making thereof, shall become the property of such persons as
joint tenants and the same, together with  all  additions  and  accruals
thereon,  shall  be  held for the exclusive use of the persons so named,
and may be paid or delivered to either during the lifetime of both or to
the survivor after the death  of  one  of  them,  and  such  payment  or
delivery  and the receipt or acquittance of the one to whom such payment
or delivery is made,  shall  be  a  valid  and  sufficient  release  and
discharge to the banking organization or foreign banking corporation for
all  payments  or  deliveries  made on account of such deposit or shares
prior to the receipt by the  banking  organization  or  foreign  banking
corporation  of  notice  in  writing  signed  by  any  one of such joint
tenants, not to pay or deliver such deposit or shares and the  additions
and  accruals  thereon  in  accordance with the terms thereof, and after
receipt of any such notice, the banking organization or foreign  banking
corporation  may  require  the receipt or acquittance of both such joint
tenants for any further payments or delivery.

(b) The making of such deposit or the issuance of such shares in such form shall, in the absence of fraud or undue influence, be prima facie evidence, in any action or proceeding to which the banking organization, foreign banking corporation, surviving depositor or shareholder is a party, of the intention of both depositors or shareholders to create a joint tenancy and to vest title to such deposit or shares, and additions and accruals thereon, in such survivor. The burden of proof in refuting such prima facie evidence is upon the party or parties challenging the title of the survivor.

(c) 1. The superintendent of financial services shall promulgate and may from time to time amend rules and regulations which require that the joint tenants of an account established on or after the date on which the rule or regulation becomes effective and representing any deposit or shares governed by the foregoing provisions of this section, shall, at the time the account is established be informed of the terms and conditions of the account including the relationship and consequences between the parties in the account and the responsibilities of the institution with which the account is established. 2. This subdivision or any rule or regulation thereunder shall not be deemed or construed as increasing or diminishing the rights or liability of any person, or other entity.