Statutes > District of Columbia Statutes > Division III - Decendents' Estates and Fiduciary Relations (TITLE 18 to TITLE 21) > TITLE 19 - DESCENT, DISTRIBUTION, AND TRUSTS (Chapter 1 to Chapter 15) > Chapter 6 - Nonprobate Transfers on Death; Uniform Law (Subchapter I to Subchapter III) > Subchapter II - Multiple-Person Accounts (Part A to Part C) > Part C - Protection of Financial Institutions (Section 19-602.21 to Section 19-602.27) > Section 19-602.21 - Authority of financial institution

Section 19-602.21 - Authority of financial institution

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.

CREDIT(S)

(Apr. 27, 2001, D.C. Law 13-292, § 302(b), 48 DCR 2087.)

HISTORICAL AND STATUTORY NOTES

Legislative History of Laws
For D.C. Law 13-292, see notes following § 19-601.01.
Uniform Law
This section is based upon § 221 of the Uniform Nonprobate Transfers on Death Act (1991 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.

Current through September 13, 2012