§ 19-602.23. Payment on POD designation.

Current through October 23, 2012

A financial institution, on request, may pay sums on deposit in an account with a POD designation to:

(1) One or more of the parties, whether or not another party has a disability, is incapacitated, or deceased when the payment is requested and whether or not a party survives another party;

(2) The beneficiary or beneficiaries, if proof of death is presented to the financial institution showing that the beneficiary or beneficiaries survived all persons named as parties; or

(3) The personal representative, if any, or, if there is none, the heirs or devisees of a deceased party, if proof of death is presented to the financial institution showing that the deceased party was the survivor of all other persons named on the account, either as a party or beneficiary.

                
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(Apr. 27, 2001, D.C. Law 13-292, § 302(b), 48 DCR 2087; Apr. 24, 2007, D.C. Law 16-305, § 33(c), 53 DCR 6198.)

HISTORICAL AND STATUTORY NOTES

Effect of Amendments

D.C. Law 16-305, in par. (1), substituted "has a disability" for "is disabled".

Legislative History of Laws

For D.C. Law 13-292, see notes following § 19-601.01.

For Law 16-305, see notes following § 19-602.05.

Uniform Law

This section is based upon § 223 of the Uniform Nonprobate Transfers on Death Act (1991 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.