72-6-201. Definitions. In this part, the following definitions apply: (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 authorized to make account transactions for a party. (3) ”Beneficiary” means a person named as one to whom […]
72-6-202. Limitation on scope of part. This part does not apply to: (1) an account established for a 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; or (3) a fiduciary or trust account […]
72-6-203. Types of account — existing accounts. (1) 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 72-6-212(3), either a single-party account or a multiple-party account may have a POD designation, an agency designation, or both. (2) An […]
72-6-204. Forms. (1) 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- OR MULTIPLE-PARTY ACCOUNT FORM PARTIES [Name One or More Parties]: OWNERSHIP [Select One and Initial]: […]
72-6-205. Designation of agent. (1) 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. (2) Unless the terms of an agency designation provide that the authority of the agent terminates on disability or incapacity of a party, the agent’s authority survives […]
72-6-206. Applicability of beneficial ownership provisions. The provisions of 72-6-211 through 72-6-214 and 72-6-216 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 […]
72-6-207 through 72-6-210 reserved.
72-6-211. Ownership during lifetime. (1) In this section, “net contribution” of a party means the sum of all deposits to an account made by or for the party, less all payments from the account made to or for the party that have not been paid to or applied to the use of another party and a […]
72-6-212. Rights at death. (1) Except as otherwise provided in this part, 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 which the decedent, immediately before death, […]
72-6-213. Alteration of rights. (1) Rights at death under 72-6-212 are determined by the terms of the account at the death of a party. (2) Except as provided in subsection (3) and unless otherwise agreed in writing between the parties to the account, the terms of an account may be altered by written notice given by a […]
72-6-214. Accounts and transfers nontestamentary. Except as provided in Title 72, chapter 2, part 2, or as a consequence of and to the extent directed by 72-6-228, a transfer resulting from the application of 72-6-212 is effective by reason of the terms of the account involved and this part and is not testamentary or subject to […]
72-6-215. Repealed. Sec. 162, Ch. 264, L. 2013. History: En. Sec. 94, Ch. 494, L. 1993.
72-6-216. Community property and tenancy by entireties. (1) A deposit of community property in an account does not alter the community character of the property or community rights in the property, but a right of survivorship between parties married to each other that arises from the express terms of the account or 72-6-212 may not be […]
72-6-217 through 72-6-220 reserved.
72-6-221. Authority of financial institution. 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 POD designation and an agency designation in either a single-party account or a multiple-party account. A […]
72-6-222. Payment on multiple-party account. A financial institution, on request, may pay sums on deposit in a multiple-party account to: (1) one or more of the parties, whether or not another party is disabled, incapacitated, or deceased when payment is requested and whether or not the party making the request survives another party; or (2) the personal representative […]
72-6-223. Payment on POD designation. A financial institution, on request, may pay sums on deposit in an account with a POD designation to: (1) one or more of the parties, whether or not another party is disabled, incapacitated, or deceased when the payment is requested and whether or not a party survives another party; (2) the beneficiary or […]
72-6-224. 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 disabled, incapacitated, or deceased when the request is made or received and whether or not the authority of the […]
72-6-225. Payment to minor. If a financial institution is required or permitted to make payment pursuant to this part to a minor designated as a beneficiary, payment may be made pursuant to the Montana Uniform Transfers to Minors Act, Title 72, chapter 26. History: En. Sec. 100, Ch. 494, L. 1993.
72-6-226. Discharge. (1) Payment made pursuant to this part in accordance with the terms of an account, or honoring a request for alteration of rights made in accordance with 72-6-213, discharges the financial institution from all claims for amounts so paid or alterations so made, whether or not the payment or alteration is consistent with the […]
