Payment on POD designation.
A financial institution, on request, may pay sums on deposit in an account with a POD designation to: 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; 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 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.
Annotations
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 Uniform Law: This section is based upon § 223 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.