§ 1-204. Transfer of account on death and multiple-party accounts
West's Annotated Code of MarylandFinancial Institutions
MD Code, Financial Institutions, § 1-204
§ 1-204. Transfer of account on death and multiple-party accounts
(a) A provision in an account agreement for a transfer on death in compliance with this section is nontestamentary and shall be effective according to the provisions of this section. Transfers pursuant to this section are effective in the form and manner prescribed by this section and are not to be considered testamentary.
4. Account established and designated as governed under the Maryland Uniform Transfers to Minors Act;1
(c)(1) A depository institution is authorized to establish multiple-party accounts subject to the terms of this section.
(d)(1) Upon the death of a party to a multiple-party account, the right to any funds in the account shall be determined in accordance with the express terms of the account agreement.
(e)(1) Each account agreement for a multiple-party account opened on or after October 1, 1993, shall contain a clear and conspicuous written statement specifying that unless contrary direction is given in the account agreement, upon the death of a party, the funds in the multiple-party account shall belong to the surviving party or parties.
(f) Unless the account agreement expressly provides otherwise, the funds in a multiple-party account may be withdrawn by any party or by a convenience person for any party or parties, whether or not any other party to the account is incapacitated or deceased.
(g) A depository institution may presume that an account established by the parties as a trust account complies with the definitional requirements of a trust account as set forth in subsection (b) of this section unless, prior to the establishment of the account, the depository institution is provided with written notice to the contrary.
(h) Any written materials required by this section to be given to account parties:
Credits
Added by Acts 1992, c. 578, § 1, eff. Oct. 1, 1992. Amended by Acts 1993, c. 584; Acts 1995, c. 213, § 2, eff. Sept. 29, 1995.
Footnotes
Estates and Trusts, § 13-301 et seq.
MD Code, Financial Institutions, § 1-204, MD FIN INST § 1-204
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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