TITLE 72. ESTATES, TRUSTS, AND FIDUCIARY RELATIONSHIPS

CHAPTER 6. NONPROBATE TRANSFERS ON DEATH

Part 2. Multiple-Party Accounts

Authority Of Financial Institution

72-6-221. Authority of financial institution. 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.

History: En. Sec. 96, Ch. 494, L. 1993.