§ 19-602.03. Types of account; existing accounts.

Current through October 23, 2012

(a) An account may be for a single party or multiple parties. A multiple-party account may be with or without a right of survivorship between the parties. Subject to section § 19-602.12(c), either a single-party account or a multiple-party account may have a POD designation, an agency designation, or both.

(b) An account established before, on, or after the effective date of this chapter [April 27, 2001], whether in the form prescribed in section 19- 602.04 or in any other form, is either a single-party account or a multiple-party account, with or without right of survivorship, and with or without a POD designation or an agency designation, within the meaning of this subchapter, and is governed by this subchapter.

                
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(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 § 203 of the Uniform Nonprobate Transfers on Death Act (1991 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.