SPIRO T. AGNEW, Governor                      1311

in an association in trust for another, and to provide when money
is placed in an association in the names of two or more persons,
payment may be made to any one or any of said persons, and
further providing for the ownership of money placed in an asso-
ciation in joint tenancy.

Section 1. Be it enacted by the General Assembly of Maryland,
That Sections 145(a) and (b) of Article 23 of the Annotated Code
of Maryland (1966 Replacement Volume and 1967 Supplement),
title "Corporations," subtitle "Building or Homestead Associations,"
be and they hereby are repealed and re-enacted, with amendments,
and new Section 145(c) be and it hereby is added to said Article of
said Code, title and subtitle, all to read as follows:

145. Payment of money placed in Trust or in Joint Names[.];
Ownership.

(a)    In trust, when trustee or beneficiary dies.—Whenever any
money has been placed or shall hereafter be placed in an association
by any person in A REVOCABLE trust for any other, and no other
or further notice of the existence and terms of a legal and valid trust
shall have been given to the association, in the event of the death of
the trustee, [the same] such sum of money or any part thereof and
any dividend [due] credited thereon may be paid to the person for
whom the said money was placed[.], and in case any such trust
account does not provide that the balance in such account shall pass to
the survivor thereof and the beneficiary shall predecease such trustee
such death of the beneficiary shall terminate such trust, and the same
or any part thereof and any dividend credited thereon may be paid to
said trustee or trustees.

(b)    In names of two or more persons [, payable to either or sur-
vivor].—When money has been placed or shall hereafter be placed
in any association, in the names of two or more persons, payable to
either, [or payable to either or the survivor,] or payable to any one
of said persons, such sum of money or any part thereof, or dividend
thereon, may be paid to [either of said persons,] any one or any of
said persons, whether the other or any of the others be living or
not; and the receipt or acquittance of [the] said person or persons
so paid shall be valid and sufficient release and discharge to the
association for any payment so made.

(c)    Ownership of money placed in joint tenancy.—When money
has been placed or shall hereafter be placed in an association in the
names of two or more persons as joint tenants and in such form of
agreement that the money in the account is payable to either of
them or the survivor of them, or if more than two joint tenants,
payable to any one of them during their lifetimes or to the order of
any one of the survivors after the death of any one or more of them,
such funds and any additions thereto made by any of such persons,
together with any accruals thereon, after the placing thereof, shall
become the property of such persons as joint tenants and the same,
together with any additions and accruals thereon, shall be held for
the exclusive use of the persons so named. The placing of such
money in an association in such form, shall in the absence of fraud
or undue influence, be a conclusive presumption, in any action or
proceeding to which the association or any such survivor or survivors
is a party, of the intention of both or all of such persons to create a