Payment on multiple-party account.
A financial institution, on request, may pay sums on deposit in a multiple-party account to: 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 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.
Annotations
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 Uniform Law: This section is based upon § 222 of the Uniform Nonprobate Transfers on Death Act (1991 Act). D.C. Law 16-305, in par. (1), substituted “has a disability” for “is disabled”.
Sourced from the DC Council Open Law Library (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.