HARRY HUGHES, Governor                              3081

(2) PAYMENT TO OR ON BEHALF OF A PERSON NAMED ON
THE ACCOUNT, WHO WITHDRAWS MONEY, DISCHARGES THE ASSOCIATION
FOR THE WITHDRAWAL MADE.

COMMITTEE COMMENT: This section replaces former Art.
23, § 145(b).

In item (1) of this section, the phrase "or
pledge it as security for a loan" was added to
clearly state authority that has been presumed,
but ambiguous.

In item (2) of this section, the phrase "on
behalf of a person named on the account" was
added for clarification, and the phrase "receipt
or acquittance of said person or persons so paid"
was deleted as included in the phrase "payment to
... person named on account".

Note as to this section that RP § 2-117 creates a
presumption against a joint tenancy in any
written instrument that does not expressly
provide that the property is held in joint
tenancy.

"Savings and loan association" is defined in §
9-101 of this title.

9-414. JOINT ACCOUNT.

(A)  JOINT TENANCY.

(1)  IF AN ACCOUNT IN A SAVINGS AND LOAN
ASSOCIATION IS IN THE NAMES OF TWO OR MORE PERSONS EXPRESSLY
AS JOINT TENANTS, THE ACCOUNT AGREEMENT MAY PROVIDE THAT THE
MONEY IN THE JOINT ACCOUNT:

(I)  IS PAYABLE TO ANY ONE OR MORE OF THEM
OR THE SURVIVOR OF THEM; AND

(II)  MAY BE WITHDRAWN OR PLEDGED AS
SECURITY FOR A LOAN BY ANY ONE OF THE JOINT TENANTS WHETHER
OR NOT ANY OTHER JOINT TENANT IS LIVING.

(2)  PAYMENT TO OR ON BEHALF OF A JOINT TENANT
WHO WITHDRAWS MONEY FROM THE ACCOUNT DISCHARGES THE
ASSOCIATION FOR THE WITHDRAWAL MADE.

(B)  PRESUMPTION OF JOINT OWNERSHIP AND VESTING.

IN THE ABSENCE OF FRAUD OR UNDUE INFLUENCE, A JOINT
ACCOUNT UNDER THIS SECTION IS A CONCLUSIVE PRESUMPTION OF
THE INTENTION OF ALL PARTIES TO CREATE A JOINT TENANCY AND
TO VEST TITLE TO THE ACCOUNT IN ANY SURVIVORS.

(C) ACTIVITY.