476

LAWS OF MARYLAND

Ch. 33

JOINT TENANTS WHETHER OR NOT ANY OF THE OTHER JOINT TENANTS
IS LIVING.

(2) A RECEIPT SIGNED BY 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, THE OPENING
OF A JOINT ACCOUNT UNDER THIS SECTION CREATES A CONCLUSIVE
PRESCRIPTION OF THE INTENTION OF ALL PARTIES TO CREATE A
JOINT TENANCY AND TO VEST TITLE TO THE ACCOUNT IN ANY
SURVIVORS.

(C)   ACTIVITY OF ACCOUNT.

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.

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

In subsection (a) of this section, the word
"expressly" is 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.

Subsection (a)(2) is new language added for
clarity. See § 9-413 of this subtitle.

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

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

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

9-415. TRUST ACCOUNT.

(A) PAYMENT TO BENEFICIARY.

IF A DEPOSIT IN A SAVINGS AND LOAN ASSOCIATION IS MADE
UNDER A REVOCABLE TRUST FOR ANOTHER PERSON, THE BENEFICIARY
MAY WITHDRAW MONEY FROM THE ACCOUNT IF:

(1) THE ASSOCIATION HAS NOT RECEIVED NOTICE OF
TERMS OF A TRUST THAT PROVIDE OTHERWISE; AND