A financial institution may enter into a contract of deposit for a multiple-party account to the same extent it may enter into a contract of deposit for a single-party account, and may provide for a POD designation and an agency designation in either a single-party account or a multiple-party account. A financial institution need not inquire as to the source of a deposit to an account or as to the proposed application of a payment from an account.
(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 § 221 of the Uniform Nonprobate Transfers on Death Act (1991 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.
A financial institution, on request, may pay sums on deposit in a multiple-party account to:
(1) One or more of the parties, whether or not another party has a disability, is incapacitated, or deceased when payment is requested and whether or not the party making the request survives another party; or
(2) 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, unless the account is without right of survivorship under section 19-602.12.
(Apr. 27, 2001, D.C. Law 13-292, § 302(b), 48 DCR 2087; Apr. 24, 2007, D.C. Law 16-305, § 33(b), 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 § 222 of the Uniform Nonprobate Transfers on Death Act (1991 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.
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.
(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.
A financial institution, on request of an agent under an agency designation for an account, may pay to the agent sums on deposit in the account, whether or not a party has a disability, is incapacitated, or deceased when the request is made or received, and whether or not the authority of the agent terminates on the disability or incapacity of a party.
(Apr. 27, 2001, D.C. Law 13-292, § 302(b), 48 DCR 2087; Apr. 24, 2007, D.C. Law 16-305, § 33(d), 53 DCR 6198.)
HISTORICAL AND STATUTORY NOTES
Effect of Amendments
D.C. Law 16-305 substituted "has a disability, is" 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 § 224 of the Uniform Nonprobate Transfers on Death Act (1991 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.
If a financial institution is required or permitted to make payment pursuant to this subchapter to a minor designated as a beneficiary, payment may be made pursuant to Chapter 3 of Title 21 of the District of Columbia Code.
(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 § 225 of the Uniform Nonprobate Transfers on Death Act (1991 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.
(a) Payment made pursuant to this subchapter in accordance with the terms of the account discharges the financial institution from all claims for amounts so paid, whether or not the payment is consistent with the beneficial ownership of the account as between parties, beneficiaries, or their successors. Payment may be made whether or not a party, beneficiary, or agent has a disability, is incapacitated, or deceased when payment is requested, received, or made.
(b) Protection under this section does not extend to payments made after a financial institution has received written notice from a party, or from the personal representative, surviving spouse, or heir or devisee of a deceased party, to the effect that payments in accordance with the terms of the account, including one having an agency designation, should not be permitted, and the financial institution has had a reasonable opportunity to act on it when the payment is made. Unless the notice is withdrawn by the person giving it, the successor of any deceased party must concur in a request for payment if the financial institution is to be protected under this section. Unless a financial institution has been served with process in an action or proceeding, no other notice or other information shown to have been available to the financial institution affects its right to protection under this section.
(c) A financial institution that receives written notice pursuant to this section or otherwise has reason to believe that a dispute exists as to the rights of the parties may refuse, without liability, to make payments in accordance with the terms of the account.
(d) Protection of a financial institution under this section does not affect the rights of parties in disputes between themselves or their successors concerning the beneficial ownership of sums on deposit in accounts or payments made from accounts.
(Apr. 27, 2001, D.C. Law 13-292, § 302(b), 48 DCR 2087; Apr. 24, 2007, D.C. Law 16-305, § 33(e), 53 DCR 6198.)
HISTORICAL AND STATUTORY NOTES
Effect of Amendments
D.C. Law 16-305, in subsec. (a), substituted "has a disability, is" 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 § 226 of the Uniform Nonprobate Transfers on Death Act (1991 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.
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.)
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 § 227 of the Uniform Nonprobate Transfers on Death Act (1991 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.
