Title 14, Trusts, Estates and Protective Proceedings

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 o…

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 ha…

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 F…

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 on disability or incapaci…

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 …

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 othe…

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 which the decedent, immedi…

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 the terms of t…

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.

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 may not b…

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 single party acc…

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 party making the reque…

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 a pa…

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 or not t…

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.

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 t…

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 the p…

In this article, unless the context otherwise requires: 1. "Beneficiary form" means a registration of a security that indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security on the owner's death. 2.…

Only a person whose registration of a security shows sole ownership by one person or multiple ownership by two or more persons with right of survivorship, rather than as tenants in common, may obtain registration in beneficiary form. Multiple owners of a security registered in be…

A. A security may be registered in beneficiary form if the form is authorized by this or a similar statute of the state of organization of the issuer or registering entity, the location of the registering entity's principal office, the office of its transfer agent or its office m…

A security, whether evidenced by certificate or account, is registered in beneficiary form if the registration includes a designation of a beneficiary to take the ownership at the death of the owner or the deaths of all multiple owners.

Registration in beneficiary form may be shown by the words "transfer on death" or the abbreviation "TOD" or by the words "pay on death" or the abbreviation "POD" after the name of the registered owner and before the name of a beneficiary.

A. The designation of a transfer on death beneficiary on a registration in beneficiary form has no effect on ownership until the owner's death. B. A registration of a security in beneficiary form may be canceled or changed at any time by the sole owner or all then surviving owner…

A. On death of a sole owner or the last to die of all multiple owners, ownership of securities registered in beneficiary form passes to the beneficiary or beneficiaries who survive all owners. On proof of the death of all of the owners and compliance with any applicable requireme…

A. A registering entity is not required to offer or to accept a request for security registration in beneficiary form. If a registration in beneficiary form is offered by a registering entity, the owner requesting registration in beneficiary form assents to the protections given …

A. A registering entity that offers to accept registrations in beneficiary form may establish the terms and conditions under which it will receive and implement these requests as well as requests for cancellation of previously registered transfer on death beneficiary designations…

This article applies to registrations of securities in beneficiary form made before or after December 31, 1994, by decedents dying on or after December 31, 1994.