14-6201. Definitions In this article, unless the context otherwise requires: 1. " Account" means a contract of deposit between a depositor and a financial institution and includes a checking account, savings account, certificate of deposit and share account. 2. " Agent" means a person who is authorized to make account transactions for a party. 3. […]
14-6202. Application of article This article does not apply to: 1. An account established for any partnership, joint venture or other organization for a business purpose. 2. An account controlled by one or more persons as an agent or trustee for a corporation, unincorporated association or charitable or civic organization. 3. A fiduciary or trust […]
14-6203. Types of accounts; existing accounts A. An account may be for a single party or multiple parties. A multiple party account may be with or without a right of survivorship between the parties. Subject to the requirements of section 14-6212, subsection C, either a single party account or a multiple party account may have […]
14-6204. Sample forms A. A contract of deposit that contains provisions in substantially the following form establishes the type of account provided. The account is governed by the requirements of this section that are applicable to that account of that type: Uniform Single or Multiple Party Account Form Parties (Name one or more parties): ____________________ […]
14-6205. Designation of agent; authority; termination A. By a writing signed by all parties, the parties may designate as an agent for all of the parties on the account a person who is not a party to the account. B. Unless the terms of an agency designation provide that the authority of the agent terminates […]
14-6206. Beneficial ownership; application and limitation of article The requirements of this article that relate to beneficial ownership as between parties or as between parties and beneficiaries apply only to controversies between those persons and their creditors and other successors and do not apply to the right of those persons to payment as determined by […]
14-6211. Ownership of accounts A. During the lifetime of all parties an account belongs to the parties in proportion to the net contribution of each to the sums on deposit unless there is clear and convincing evidence of a different intent. As between parties married to each other, in the absence of proof otherwise, the […]
14-6212. Death of a party; rights of survivors A. Except as otherwise provided in this section, on the death of a party, sums on deposit in a multiple party account belong to the surviving party or parties. If two or more parties survive and one is the surviving spouse of the decedent, the amount to […]
14-6213. Alteration of rights A. Rights at death under section 14-6212 are determined by the type of account at the death of a party. The type of account may be altered by written notice given by a party to the financial institution to change the type of account or to stop or vary payment under […]
14-6214. Accounts; transfers; nontestamentary effect A transfer of an account pursuant to section 14-6212 is effective by reason of the terms of the account involved and is not testamentary or subject to chapters 1 through 4 of this title.
14-6216. Community property; effect of account; right of survivorship A. A deposit of community property in an account does not alter the community character of the property or community rights in the property. B. A right of survivorship between parties married to each other arising from the express terms of the account or section 14-6212 […]
14-6221. Financial institutions; types of accounts A. A financial institution may enter into a contract of deposit for a multiple party account to the same extent it may enter into a contract of deposit for a single party account and may provide for a pay on death designation and an agency designation in either a […]
14-6222. Multiple party accounts; payment; proof of death and survivorship A financial institution, on request, may pay sums on deposit on a multiple party account to: 1. One or more of the parties, whether or not another party is a party with disabilities, incapacitated or deceased when payment is requested and whether or not the […]
14-6223. Pay on death accounts; payment A financial institution, on request, may pay sums on deposit in an account with a pay on death designation to: 1. One or more of the parties, whether or not another party is a party with disabilities, incapacitated or deceased when the payment is requested and whether or not […]
14-6224. Agency accounts; payment to designated agent A financial institution on request of an agent under an agency designation for an account may pay to the agent sums on deposit in the account, whether or not a party is a party with disabilities, incapacitated or deceased when the request is made or received, and whether […]
14-6225. Payments to minors If a financial institution is required or permitted to make payment pursuant to this article to a minor designated as a beneficiary, payment may be made pursuant to the uniform transfers to minors act under chapter 7, article 7 of this title.
14-6226. Financial institutions; discharge of claims; exception A. A payment made pursuant to this article in accordance with the type of account discharges the financial institution from all claims for these amounts, whether or not the payment is consistent with the beneficial ownership of the account as between parties or beneficiaries or their successors. Payment […]
14-6227. Financial institutions; right to setoff against account Without qualifying any other statutory right to setoff or lien and subject to any contractual provision, if a party is indebted to a financial institution the financial institution has a right to a setoff against the account. The amount of the account subject to a setoff is […]
