• Current through October 23, 2012

Without qualifying any other statutory right to set-off or lien and subject to any contractual provision, if a party is indebted to a financial institution, the financial institution has a right to set-off against the account. The amount of the account subject to set-off is the proportion to which the party is, or immediately before death was, beneficially entitled under section 19- 602.11 or, in the absence of proof of that proportion, an equal share with all parties.

(Apr. 27, 2001, D.C. Law 13-292, § 302(b), 48 DCR 2087.)


Legislative History of Laws

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

Uniform Law

This section is based upon § 227 of the Uniform Nonprobate Transfers on Death Act (1991 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.