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1999 SESSION

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HB 2074 Banking and finance; joint accounts, required disclosures.

Introduced by: V. Earl Dickinson | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Banking and finance; joint accounts; required disclosures. Requires financial institutions to provide disclosure forms informing persons opening joint accounts of the disposition of such accounts upon a party’s death. Disclosures concerning a “Joint Account With Survivorship” must inform such persons that on the death of a party to the account, the deceased party’s ownership in the account passes to the surviving party or parties to the account. Disclosures concerning a “Joint Account--No Survivorship” must inform such persons that on the death of a party to the account, the deceased party’s ownership in the account passes as a part of the party’s estate under the party’s will or trust, or by intestacy. This bill will become effective on July 1, 2000.


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