(a) For the purposes of this section, the term "net contribution" of a party means the sum of all deposits to an account made by or for the party, less all payments from the account made to or for the party which have not been paid to or applied to the use of another party and a proportionate share of any charges deducted from the account, plus a proportionate share of any interest or dividends earned, whether or not included in the current balance. The term "net contribution" includes deposit life insurance proceeds added to the account by reason of death of the party whose net contribution is in question.
(b) During the lifetime of all parties, an account belongs to the parties in proportion to the net contribution of each to the sums on deposit, unless there is clear and convincing evidence of a different intent. As between parties either married to or domestic partners of each other, in the absence of proof otherwise, the net contribution of each is presumed to be an equal amount.
(c) A beneficiary in an account having a POD designation has no right to sums on deposit during the lifetime of any party.
(d) An agent in an account with an agency designation has no beneficial right to sums on deposit.
(Apr. 27, 2001, D.C. Law 13-292, § 302(b), 48 DCR 2087; Apr. 4, 2006, D.C. Law 16-79, § 5(q), 53 DCR 1035.)
HISTORICAL AND STATUTORY NOTES
Effect of Amendments
D.C. Law 16-79, in subsec. (b), substituted "As between parties either married to or domestic partners of each other," for "As between parties married to each other,".
Legislative History of Laws
For D.C. Law 13-292, see notes following § 19-601.01.
For Law 16-79, see notes following § 19-101.02.
Uniform Law
This section is based upon § 211 of the Uniform Nonprobate Transfers on Death Act (1991 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.
(a) Except as otherwise provided in this subchapter, on death of a party sums on deposit in a multiple-party account belong to the surviving party or parties. If 2 or more parties survive and one is the surviving spouse or surviving domestic partner of the decedent, the amount to which the decedent, immediately before death, was beneficially entitled under section 19-602.11 belongs to the surviving spouse or surviving domestic partner. If 2 or more parties survive and none is the surviving spouse or surviving domestic partner of the decedent, the amount to which the decedent, immediately before death, was beneficially entitled under section 19-602.11 belongs to the surviving parties in equal shares, and augments the proportion to which each survivor, immediately before the decedent's death, was beneficially entitled under section 19-602.11, and the right of survivorship continues between the surviving parties.
(b) In an account with a POD designation:
(1) On death of one of 2 or more parties, the rights in sums on deposit are governed by subsection (a) of this section.
(2) On death of the sole party or the last survivor of 2 or more parties, sums on deposit belong to the surviving beneficiary or beneficiaries. If 2 or more beneficiaries survive, sums on deposit belong to them in equal and undivided shares, and there is no right of survivorship in the event of death of a beneficiary thereafter. If no beneficiary survives, sums on deposit belong to the estate of the last surviving party.
(c) Sums on deposit in a single-party account without a POD designation, or in a multiple-party account that, by the terms of the account, is without right of survivorship, are not affected by death of a party, but the amount to which the decedent, immediately before death, was beneficially entitled under section 19-602.11 is transferred as part of the decedent's estate. A POD designation in a multiple-party account without right of survivorship is ineffective. For the purposes of this section, designation of an account as a tenancy in common establishes that the account is without right of survivorship.
(d) The ownership right of a surviving party or beneficiary, or of the decedent's estate, in sums on deposit is subject to requests for payment made by a party before the party's death, whether paid by the financial institution before or after death, or unpaid. The surviving party or beneficiary, or the decedent's estate, is liable to the payee of an unpaid request for payment. The liability is limited to a proportionate share of the amount transferred under this section, to the extent necessary to discharge the request for payment.
(Apr. 27, 2001, D.C. Law 13-292, § 302(b), 48 DCR 2087; Apr. 4, 2006, D.C. Law 16-79, § 5(r), 53 DCR 1035.)
HISTORICAL AND STATUTORY NOTES
Effect of Amendments
D.C. Law 16-79, in subsec. (a), substituted "surviving spouse or surviving domestic partner" for "surviving spouse".
Legislative History of Laws
For D.C. Law 13-292, see notes following § 19-601.01.
For Law 16-79, see notes following § 19-101.02.
Uniform Law
This section is based upon § 212 of the Uniform Nonprobate Transfers on Death Act (1991 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.
(a) Rights at death under section 19-602.12 are determined by the type of account at the death of a party. The type of account may be altered by written notice given by a party to the financial institution to change the type of account or to stop or vary payment under the terms of the account. The notice must be signed by a party and received by the financial institution during the party's lifetime.
(b) A right of survivorship arising from the express terms of the account, section 19-602.12, or a POD designation, may not be altered by will.
(Apr. 27, 2001, D.C. Law 13-292, § 302(b), 48 DCR 2087.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
For D.C. Law 13-292, see notes following § 19-601.01.
Uniform Law
This section is based upon § 213 of the Uniform Nonprobate Transfers on Death Act (1991 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.
A transfer resulting from the application of section 19-602.12 is effective by reason of the terms of the account involved and this subchapter and is not testamentary or subject to estate administration.
(Apr. 27, 2001, D.C. Law 13-292, § 302(b), 48 DCR 2087.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
For D.C. Law 13-292, see notes following § 19-601.01.
Uniform Law
This section is based upon § 214 of the Uniform Nonprobate Transfers on Death Act (1991 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.
(a) A deposit of community property in an account does not alter the community character of the property or community rights in the property, but a right of survivorship between parties married to or domestic partners of each other arising from the express terms of the account or section 19-602.12 may not be altered by will.
(b) This subchapter does not affect the law governing tenancy by the entireties.
(Apr. 27, 2001, D.C. Law 13-292, § 302(b), 48 DCR 2087; Apr. 4, 2006, D.C. Law 16-79, § 5(s), 53 DCR 1035.)
HISTORICAL AND STATUTORY NOTES
Effect of Amendments
D.C. Law 16-79, in subsec. (a), substituted "married to or domestic partners of each other" for "married to each other".
Legislative History of Laws
For D.C. Law 13-292, see notes following § 19-601.01.
For Law 16-79, see notes following § 19-101.02.
Uniform Law
This section is based upon § 216 of the Uniform Nonprobate Transfers on Death Act (1991 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.
