§6-201. Definitions As used in this Part, unless the context otherwise indicates, the following terms have the following meanings. [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 1. Account. “Account” means a contract of deposit between a depositor and a financial institution and includes a checking […]
§6-202. Limitation on scope of Part This Part does not apply to: [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 1. Business purpose. An account established for a partnership, joint venture or other organization for a business purpose; [PL 2017, c. 402, Pt. A, §2 […]
§6-203. Types of account; existing accounts 1. Single-party or multiple-party accounts. 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 section 6-212, subsection 3, either a single-party account or a multiple-party account may have a POD […]
§6-204. Forms 1. Form. A contract of deposit that contains provisions in substantially the following form establishes the type of account provided, and the account is governed by the provisions of this Part applicable to an account of that type. UNIFORM SINGLE-PARTY OR MULTIPLE-PARTY ACCOUNT FORM PARTIES [Name One or More Parties]: […]
§6-205. Designation of agent 1. Designation of agent by all parties. By a writing signed by all parties, the parties may designate as agent of all parties on an account a person other than a party. [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 2. Disability […]
§6-206. Applicability of Part The provisions of subpart 2 concerning 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 the terms of the account. Subpart […]
