Section 5-24-4


Published: 2015

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Section 5-24-4

Section 5-24-4Forms.

(a) A contract of deposit may contain provisions in substantially the following form to establish the type of account provided, and the account shall be governed by the provisions of this chapter applicable to an account of that type:UNIFORM SINGLE- OR MULTIPLE-PARTY ACCOUNT FORMPARTIES [Name One Or More Parties]:____________________________________OWNERSHIP[Select One]:___________SINGLE-PARTY ACCOUNT___________MULTIPLE-PARTY ACCOUNT Parties own account during the lifetime of all parties in proportion to net contributions unless there is clear and convincing evidence of a different intent.RIGHTS AT DEATH[Select One]:___________SINGLE-PARTY ACCOUNT At death of party, ownership passes as part of party's estate.___________SINGLE-PARTY ACCOUNT WITH POD (PAY ON DEATH)

DESIGNATION [Name One Or More Beneficiaries]:__________________________________________ At death of party, ownership passes to POD beneficiaries and is not

part of party's estate.___________MULTIPLE-PARTY ACCOUNT WITH RIGHT OF SURVIVORSHIP At death of party, ownership passes to surviving parties.___________MULTIPLE-PARTY ACCOUNT WITH RIGHT OF SURVIVORSHIP AND POD (PAY ON

DEATH ) DESGINATION [Name One Or More Beneficiaries]:____________________________________________At death of last surviving party,

ownership passes to POD

beneficiaries and is not part of last surviving party's estate.___________MULTIPLE-PARTY ACCOUNT WITHOUT RIGHT OF

SURVIVORSHIP At death of party, deceased party's ownership passes as part of

deceased party's estate.AGENCY

DESIGNATION [Optional] Agents may make account

transactions for parties but have no ownership or rights at death unless named as POD beneficiaries. [To Add Agency Designation To Account, Name One Or More

Agents]:______________________________[Select One]:___________AGENCY DESIGNATION

SURVIVES DISABILITY OR

INCAPACITY OF PARTIES___________AGENCY DESIGNATION

TERMINATES ON DISABILITY OR INCAPACITY OF PARTIES(b) A contract of deposit that does not contain provisions in substantially the form provided in subsection (a) is governed by the provisions of this chapter applicable to the type of account that most nearly conforms to the depositor's intent as expressed in the contract of deposit.

(Acts 1997, No. 97-644, p. 1177, §1.)