S.B. 675

VETOES

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:

1.        CHECKING AND OTHER DEMAND DEPOSIT ACCOUNTS;

2.        NEGOTIABLE ORDER OF WITHDRAWAL AND OTHER
SAVINGS ACCOUNTS;

3. SHARE DRAFT ACCOUNTS; AND

4. CERTIFICATED AND UNCERTIFICATED TIME DEPOSIT
ACCOUNTS.

[(2)](3) "Account agreement" means a written agreement, whether in 1 or
more instruments, that establishes the type of account, the terms of account, and the
relationship between the depository institution and the party or parties to the account.

[(3)](4) "Beneficiary" means any person designated on a trust account as a
person:

(i) To whom the account belongs after the death of all trustees for the
account; and

(ii) Who does not possess a present right to draw upon funds in the
account during the lifetime of any trustee for the account.

[(4)] (5) "Convenience person" means any person who is authorized to
draw upon funds in an account:

(i) Under a power of attorney given by 1 or more parties to the
account; or

(ii) By virtue of a designation in the account agreement appointing
that person as A CONVENIENCE PERSON OR agent of a party or the parties to the
account FOR THE CONVENIENCE OF THE PARTY OR PARTIES.

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