S.B. 675

VETOES

2.       The last surviving party of a P.O.D. account if no P.O.D.
payee is then living; or

3.       The last surviving party of a joint account.

(4)     No payment from a multiple-party account may be made to the personal
representative of a deceased party unless:

(i) Proof is presented to the depository institution showing that the
deceased party was the last surviving party; or

(ii) There is no right of survivorship under this section.

(5)     If there is no right of survivorship under this section, the depository
institution may make payment from a multiple-party account to the personal
representative of a deceased party without liability to:

(i) Any other party; or

(ii) Any party's heirs, personal representatives, or assigns.

(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multiple-party account may be withdrawn by any party or by a convenience person for any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.

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