3082

LAWS OF MARYLAND

Ch. 856

ANY WITHDRAWAL FROM, OR ADDITION OR ACCRUAL TO, A JOINT
ACCOUNT UNDER THIS SECTION DOES NOT ALTER THE JOINT TENANCY
ORIGINALLY ESTABLISHED AS TO ANY BALANCE IN THE ACCOUNT.

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

In subsection (a) of this section, the word
"expressly" and the phrase "the account agreement
may provide" were added to comply with RP §
2-117, which provides that to create a joint
ownership a written instrument must provide
expressly that property is held in joint tenancy.

As to subsection (a)(1), the phrase "in such form
of agreement that the money in the account is
payable to..." was deleted as included in the
phrase "expressly as joint tenants".

In subsection (a)(l)(i) of this section, the
phrase "or more" (of them) was added for
clarification. Certain agreements may provide
that payment is only to an expressed combination
of persons.

In subsection (a)(l)(ii) of this section, the
phrase "or pledged as security for a loan" was
added to clearly state authority that has been
presumed, but ambiguous.

Subsection (a)(2) is new language added for
clarity and to conform to a similar provision as
to multiple name accounts. See § 9-416 of this
subtitle ("Adverse Claim to Money").

In subsection (b) of this section, the former
phrase "in any action or proceeding to which the
association or any such survivor or survivors is
a party" was deleted as unnecessary.

In subsection (b) of this section, "account" was
substituted for the phrase "... such funds, and
additions or accruals thereon".

In subsection (c) of this section, the phrase
"under this section" is added to make clear that
this statutory joint account may have a different
character than another type of joint account.

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

9-415. TRUST ACCOUNT.

(A) PAYMENT TO BENEFICIARY.