678.580 - Presumptions concerning ownership of accounts.
678.580 Presumptions concerning ownership of accounts.
1. The presumptions created by NRS 678.580 to 678.610, inclusive, concerning beneficial ownership as between parties, or as between parties and beneficiaries, of multiple-party accounts are relevant only to controversies between these persons, their creditors or other successors, and do not affect the rights of withdrawal of such persons as determined by the terms of account contracts. The presumptions are based upon inferences of the intention of parties to multiple-party accounts arising from the form of the account and the usual expectations of people using these accounts. The presumptions are rebuttable by clear and convincing evidence of a different intention.
2. A presumption of survivorship is not subject to change by will, but may be rebutted by a written order signed by a party and made during his or her lifetime which directs the credit union to change the form of the account or directs that payment not be made in accordance with the provisions of the account.
3. Any transfers resulting from the application of these presumptions are effective by reason of the account contracts involved in this chapter and are not to be considered as testamentary or subject to the probate laws.
(Added to NRS by 1975, 384)