§ 524.6-203 — Ownership During Lifetime
Plain-Language Summary
This section sets out who actually owns the funds in a multiple-party account while all the parties are still living. A joint account belongs to the parties in proportion to what each of them contributed to the balance, unless there is clear and convincing evidence that they intended a different split. A pay-on-death (P.O.D.) account belongs to the person who deposited the money during that person's lifetime, not to the named payee, and a person named only as an agent on an account has no ownership interest in the funds.
524.6-203 OWNERSHIP DURING LIFETIME.
(a) A joint account belongs, during the lifetime of all parties, to the parties in proportion to the net contributions by each to the sums on deposit, unless there is clear and convincing evidence of a different intent.
(b) A P.O.D. account belongs to the original purchasing or depositing party during the party’s lifetime and not to the P.O.D. payee or payees; if two or more parties are named as original parties, during their lifetimes, rights as between them are governed by paragraph (a).
(c) An agent in an account with an agency designation has no beneficial right to sums on deposit by virtue of being named as an agent.
History:
1973 c 619 s 4; 1985 c 292 s 12; 1994 c 472 s 63; 2013 c 36 s 4
History: History: 1973 c 619 s 4; 1985 c 292 s 12; 1994 c 472 s 63; 2013 c 36 s 4