WILLIAM DONALD SCHAEFER, Governor

S.B. 675

[(5)] (6) "Depository institution" means any State-chartered or federally
chartered financial institution located in this State that is authorized to maintain [deposit
or share] accounts.

[(6)] (7) "Joint account" means any account other than a P.O.D. account or
a trust account established in the name of 2 or more parties.

[(7)] (8) (i) "Multiple-party account" means any of the following types of
[deposit] accounts at a depository institution:

1.       Joint account;

2.       P.O.D. account; or

3.       Trust account.

(ii) "Multiple-party account" does not include any:

1.       Account established AND DESIGNATED for the deposit of
[any] funds of a CORPORATION, partnership, joint venture, LIMITED LIABILITY
COMPANY, or other association OF PERSONS for business purposes;

2.       Account established [by 1 or more persons as the duly
authorized agent or trustee for a corporation, unincorporated association, or] AND
DESIGNATED FOR THE DEPOSIT OF FUNDS OF A charitable or civic organization;

3.       Fiduciary account where the relationship is established other
than by the account agreement; [or]

4.        ACCOUNT ESTABLISHED AND DESIGNATED AS
GOVERNED UNDER THE MARYLAND UNIFORM TRANSFERS TO MINORS ACT;

5.       ACCOUNT ESTABLISHED AND DESIGNATED AS
GOVERNED UNDER TITLE 13, SUBTITLE 4 OF THE ESTATES AND TRUSTS ARTICLE; OR

[4.] 6. Account that would not be a multiple-party account
except for the fact that 1 or more convenience persons [possess a present right] ARE
AUTHORIZED to draw upon funds in the account.

[(8)] (9) (i) "Party" means any person who, by the terms of the account
agreement, possesses a present right to draw upon funds in a multiple-party account.

(ii) "Party" includes a trustee of a trust account.

(iii) "Party" does not include a:

1.       Beneficiary of a trust account;

2.       P.O.D. payee of a P.O.D. account; or

3.       Convenience person.

[(9)](10) "P.O.D. account" means any account established in the name of 1
or more parties where funds in the account may be drawn upon:

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