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1999 SESSION

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HB 944 Joint accounts, rights of survivorship, etc.

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

SUMMARY AS INTRODUCED:

Banking and finance; joint accounts; rights of survivorship; identification of joint accounts. Provides that sums remaining in a joint account at the time of death of a party to the joint account shall be owned in proportion to the ownership interests of all joint owners, including the estate of the deceased party. The bill also allows owners of joint accounts, P.O.D. accounts, and trust accounts to specify beneficiaries, payees, or owners in a will. Such will must be executed subsequent to the establishment of the joint, P.O.D., or trust account and provided to the bank or other institution holding the funds of the account. Unless the bank or party holding the funds has received a copy of the will providing otherwise, funds are to be paid out in accordance with the records establishing the joint, P.O.D., or trust account. In the absence of a will, any bank or institution making payment in accordance with the terms of the account is not liable to any party for making such payment. A party entitled to funds from a joint, P.O.D., or trust account under the terms of a will may recover the funds from any party who received such funds according to the express terms of a joint, P.O.D., or trust account. Additionally, the bill requires that all documents establishing P.O.D. accounts, joint accounts with survivorship, and joint accounts with no survivorship be executed with the formalities of a will. Documents establishing a joint account with no survivorship must specifically state that a new joint owner will own an equal share in the account and that this ownership will continue after the death of any joint owner unless the account is established to specifically state otherwise.


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