Code of Alabama - Title 5: Banks and Financial Institutions - Chapter 24 - Uniform Multiple-person Accounts Act

• Article 1 Definitions and General Provisions.
• Section 5-24-1 Definitions
  In this chapter: (1) ACCOUNT means a contract of deposit between a depositor and a financial institution, and includes a checking account, savings account, time...
• Section 5-24-2 Scope of chapter
  This chapter does not apply to (1) an account established for a corporation, partnership, joint venture, other organization for a business purpose, an unincorporated association,...
• Section 5-24-3 Types of account; existing accounts
  (a) An account may be for a single party or multiple parties. A multiple-party account may be with or without a right of survivorship between...
• Section 5-24-4 Forms
  (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...
• Section 5-24-5 Designation of agent
  (a) By a signed writing, a party may designate one or more persons other than a party as his or her agent on an account....
• Section 5-24-6 Applicability of chapter
  The provisions of Article 2 concerning beneficial ownership as between parties or as between parties and beneficiaries apply only to controversies between those persons and...
• Article 2 Ownership As Between Parties and Others.
• Section 5-24-11 Ownership during lifetime
  (a) In this section, "net contribution" of a party means the sum of all deposits to an account made by or for the party, less...
• Section 5-24-12 Rights at death
  (a) Except as otherwise provided in this chapter, on death of a party sums on deposit in a multiple-party account belong to the surviving party...
• Section 5-24-13 Alteration of rights
  (a) Rights at death under Section 5-24-12 are determined by the type of account at the death of a party. The type of account may...
• Section 5-24-14 Accounts and transfers nontestamentary
  Except as a consequence of, and to the extent directed by, Section 5-24-15, a transfer resulting from the application of Section 5-24-12 is effective by...
• Section 5-24-15 Rights of creditors and others
  (a) If other assets of the estate are insufficient, a transfer resulting from a right of survivorship or POD designation under this chapter is not...
• Article 3 Protection of Financial Institutions.
• Section 5-24-21 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...
• Section 5-24-22 Payment on multiple-party account
  A financial institution, on request, may pay sums on deposit in a multiple-party account to: (1) One or more of the parties, whether or not...
• Section 5-24-23 Payment on POD designation
  A financial institution, on request, may pay sums on deposit in an account with a POD designation to: (1) One or more of the parties,...
• Section 5-24-24 Payment to designated agent
  A financial institution, on request of an agent under an agency designation for an account, may pay to the agent sums on deposit in the...
• Section 5-24-25 Payment to minor
  If a financial institution is required or permitted to make payment pursuant to this chapter to a minor designated as a beneficiary, payment may be...
• Section 5-24-26 Discharge
  (a) Payment made pursuant to this chapter in accordance with the type of account discharges the financial institution from all claims for amounts so paid,...
• Section 5-24-27 Set-off
  Without qualifying any other statutory right to set-off or lien and subject to any contractual provision between a party and a financial institution, if any...
• Article 4 Short Title, Construction, Transitional Provisions.
• Section 5-24-31 Short title
  This chapter may be cited as the Uniform Multiple-Person Accounts Act.
• Section 5-24-32 Uniformity of application and construction
  This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter...
• Section 5-24-33 Supplementary general principles of law applicable
  Unless displaced by the particular provisions of this chapter, the principles of law and equity supplement its provisions.
• Section 5-24-34 Transitional provisions
  On March 1, 1998: (1) An act done before March 1, 1998, and any accrued right is not impaired by this chapter. If a right...

Last modified: May 3, 2021