Ch. 584                                         1993 LAWS OF MARYLAND.

(6) No funds in an account shall belong to any convenience person by reason
of that capacity.                                                                      

(e)     (1) Each account agreement for a multiple-party account opened on or
after October 1, 1993, shall contain a clear and conspicuous written statement specifying
that unless contrary direction is given in the account agreement, upon the death of a
party, the funds in the multiple-party account shall belong to the surviving party or
parties.

(2) [Each party to a] FOR multiple-party [account] ACCOUNTS opened
on or after October 1, 1993, THE DEPOSITORY INSTITUTION shall [be given] GIVE TO
THE ACCOUNT PARTY OR PARTIES: (I) [a] A copy of the account agreement [by the
depository institution]; OR

(II) A WRITTEN NOTICE IDENTIFYING THE TYPE OF ACCOUNT, THE
SURVIVORSHIP RIGHTS OF THE PARTIES TO THE ACCOUNT, AND THE METHOD BY
WHICH THE ACCOUNT PARTY OR PARTIES CAN OBTAIN A COPY OF THE ACCOUNT

AGREEMENT.

(f)       Unless the account agreement expressly provides otherwise, the. funds in a
multiple-party account may be withdrawn by any party or by a convenience person for any
party or parties, whether or not any other party to the account is incapacitated or
deceased.

(g)      A depository institution may presume that an account established by the
parties as a trust account complies with the definitional requirements of a trust account as
set forth in subsection (b) of this section unless, prior to the establishment of the account,
the depository institution is provided with written notice to the contrary.

(H) ANY WRITTEN MATERIALS REQUIRED BY THIS SECTION TO BE GIVEN TO
ACCOUNT PARTIES:

(1)      SHALL BE DEEMED GIVEN IF:

(I)       DELIVERED IN PERSON TO ANY ONE OF THE ACCOUNT
PARTIES; OR

(II)     MAILED TO THE ACCOUNT PARTY OR PARTIES BY FIRST-CLASS
MAIL, POSTAGE PREPAID, TO THE ADDRESS FOR THE ACCOUNT SHOWN ON THE
RECORDS OF THE DEPOSITORY INSTITUTION; AND

(2)      MAY BE PROVIDED ALONG WITH OR AS PART OF OTHER MATERIALS
GIVEN TO ACCOUNT PARTIES.

(I) (1) A PERSON WHO HAS AN OWNERSHIP INTEREST IN AN ACCOUNT
THAT IS NOT A MULTIPLE-PARTY ACCOUNT MAY DESIGNATE ANOTHER PERSON AS
A CONVENIENCE PERSON ON THAT ACCOUNT.

(2) NO FUNDS IN THE ACCOUNT SHALL BELONG TO ANY CONVENIENCE
PERSON BY REASON OF THAT CAPACITY.

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