WILLIAM DONALD SCHAEFER, Governor

Ch. 584

CHAPTER 584
(House Bill 1119)

AN ACT concerning

Financial Institutions - Multiple-Party Accounts

FOR the purpose of clarifying which accounts are multiple-party accounts; altering the
conditions under which a multiple-party account established prior to a certain date
is subject to certain provisions of law governing multiple-party accounts; clarifying
the rights of convenience persons in certain accounts; providing that a depository
institution may give parties to an account opened after a certain date a notice
containing certain information instead of a copy of the account agreement;
establishing procedures for delivering certain written materials to account parties;
providing that a garnishment of certain multiple-party accounts is not valid under
certain circumstances; altering certain definitions; defining a certain term; clarifying
language; making stylistic changes; providing for the effective date of this Act; and
generally relating to multiple-party accounts.

BY repealing and reenacting, with amendments.
Article - Financial Institutions
Section 1-204

Annotated Code of Maryland
(1992 Replacement Volume and 1992 Supplement)

BY repealing and reenacting, with amendments,
Article - Courts and Judicial Proceedings
Section 11-603(b)
Annotated Code of Maryland
(1989 Replacement Volume and 1992 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

1-204.

(a)     A provision in an account agreement for a transfer on death in compliance
with this section is nontestamentary and shall be effective according to the provisions of
this section. Transfers pursuant to this section are effective in the form and manner
prescribed by this section and are not to be considered testamentary.

(b)     (1) In this section the following words have the meanings indicated.

(2) (I) "ACCOUNT" MEANS ANY TYPE OF DEPOSIT OR SHARE
ACCOUNT AT A DEPOSITORY INSTITUTION.

(II) "ACCOUNT" INCLUDES:

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