HARRY HUGHES, Governor

475

shall be void and of no force and validity
whatever, either in law or equity".

The present phrase "and of no force and validity
whatever, either in law or equity" is deleted as
included in the term "void".

9-413. MULTIPLE NAME ACCOUNTS.

IF AN ACCOUNT IN A SAVINGS AND LOAN ASSOCIATION IS IN
THE NAMES OF TWO OR MORE PERSONS AND IS PAYABLE TO ANY ONE
OF THEM:

(1)   THE MONEY IN THE ACCOUNT MAY BE WITHDRAWN BY
ANY PERSON NAMED ON THE ACCOUNT, WHETHER OR NOT ANY OF THE
OTHER PERSONS IS LIVING; AND

(2)   A RECEIPT SIGNED BY THAT PERSON NAMED ON THE
ACCOUNT WHO WITHDRAWS MONEY DISCHARGES THE ASSOCIATION FOR
THE WITHDRAWAL MADE.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23, §
145(b).

In item (1) of this section, the phrase "money in
the account may be withdrawn by" is substituted
for "money ... may be paid to" to avoid any
determination as to rights and obligations in an
unclear area. This is also necessary since
provisions in passbooks and on signature cards
would be determinative of rights as to present
account holders. The issue is whether an
association is obligated to honor a withdrawal
request if it has notice that another claimant
does not want the request honored.

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 A DEPOSIT IN A SAVINGS AND LOAN
ASSOCIATION IS MADE IN THE NAMES OF TWO OR MORE PERSONS
EXPRESSLY AS JOINT TENANTS, THE MONEY IN THE JOINT ACCOUNT:

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

(II) MAY BE WITHDRAWN BY ANY ONE OF THE