Title 17, Title 17: CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

17:16I-13. Setoff Without qualifying any other right to setoff or lien and subject to any contractual provision, if a party to a multiple-party account is indebted to a financial institution, the financial institution has a right to setoff against the account in which the party h…

17:16I-14. Effect of transfer by right of survivorship Any transfers resulting from the application of section 5 are effective by reason of the account contracts involved and this act, and are not to be considered as testamentary. The right of any surviving party to a joint accou…

17:16I-15. Trusts created in fraud of creditors or laws governing transfer inheritance or estate taxes Nothing in this act shall validate any trust created in fraud of creditors of the fiduciary nor affect any law of this State governing transfer inheritance or estate taxes, nor …

17:16I-16. Deposit contracts; form and content The Commissioner of Banking shall prescribe by rule or regulation the form and content of deposit contracts applicable to deposits of funds which may be subject to this act for the object of assuring to the extent possible that each …

17:16I-17. Application of act This act shall apply only to accounts opened after its effective date and accounts opened prior thereto shall be governed by the law in effect when such accounts were opened. L.1979, c. 491, s. 17.

17:16I-2. Definitions As used in this act unless the context otherwise requires: a. "Account" means a contract of deposit of funds between a depositor and a financial institution, and includes a checking account, savings account, certificate of deposit, share account and other li…

17:16I-3. Ownership as between parties and others; protection of financial institutions The provisions of sections 4 to 6 concerning beneficial ownership as between parties, or as between parties and P.O.D. payees or beneficiaries of multiple-party accounts, are relevant only to …

17:16I-4. Ownership during lifetime Unless a contrary intent is manifested by the terms of the contract, or the deposit agreement, or there is other clear and convincing evidence of a different intent at the time the account is created: a. A joint account belongs, during the life…

17:16I-5. Right of survivorship a. Sums remaining on deposit at the death of a party to a joint account belong to the surviving party or parties as against the estate of the decedent unless there is clear and convincing evidence of a different intention at the time the account is…

17:16I-6. Determination of rights at death of party; alteration of form of account; notice or order to financial institution The provisions of section 5 as to rights of survivorship are determined by the form of the account at the death of a party. This form may be altered by wri…

17:16I-7. Rights of creditors No multiple-party account will be effective against an estate of a deceased party to transfer to a survivor sums needed to pay debts, taxes, and expenses of administration, if other assets of the estate are insufficient. A surviving party, P.O.D. pay…

17:16I-8. Multiple-party accounts; payments; notice 8. Financial institutions may enter into multiple-party accounts to the same extent that they may enter into single-party accounts. The following payments from a multiple-party account by the financial institution, including pay…

17:16I-9. Financial institution protection; payment after death or disability; joint account Any sums in a joint account may be paid, on request, to any party without regard to whether any other party is incapacitated or deceased at the time the payment is demanded; but payment m…