14-6212. Death of a party; rights of survivors
A. Except as otherwise provided in this section, on the death of a party, sums on deposit in a multiple party account belong to the surviving party or parties. If two or more parties survive and one is the surviving spouse of the decedent, the amount to which the decedent, immediately before death, was beneficially entitled under section 14-6211 belongs to the surviving spouse. If two or more parties survive and none is the surviving spouse of the decedent, the amount to which the decedent, immediately before death, was beneficially entitled under section 14-6211 belongs to the surviving parties in equal shares and augments the proportion to which each survivor, immediately before the decedent's death, was beneficially entitled under section 14-6211. The right of survivorship continues between the surviving parties.
B. In an account with a pay on death designation:
1. On the death of one of two or more parties, the rights in sums on deposit are governed by subsection A of this section.
2. On the death of the sole party or the last survivor of two or more parties, sums on deposit belong to the surviving beneficiary or beneficiaries. If two or more beneficiaries survive, sums on deposit belong to them in equal and undivided shares. Thereafter there is no right of survivorship in the event of death of a beneficiary. If no beneficiary survives sums on deposit belong to the estate of the last surviving party.
C. Sums on deposit in a single party account without a pay on death designation or in a multiple party account that, by the terms of the account, is without right of survivorship, are not affected by the death of a party. However, the amount to which the decedent, immediately before death, was beneficially entitled under section 14-6211 is transferred as part of the decedent's estate. A pay on death designation in a multiple party account without right of survivorship is ineffective. For purposes of this subsection, designation of an account as a tenancy in common establishes that the account is without right of survivorship.
D. The ownership right of a surviving party or beneficiary or of the decedent's estate in sums on deposit is subject to requests for payment made by a party before the party's death, whether paid by the financial institution before or after death or unpaid. The surviving party or beneficiary or the decedent's estate is liable to the payee of an unpaid request for payment. The liability is limited to a proportionate share of the amount transferred under this section to the extent necessary to discharge the request for payment.
Section: Previous 14-6201 14-6202 14-6203 14-6204 14-6205 14-6206 14-6211 14-6212 14-6213 14-6214 14-6216 14-6221 14-6222 14-6223 14-6224 NextLast modified: October 13, 2016