Cross References
Effect and transition of L 1996, c 288 amendments, see §560:8-201.
PART 1. MULTIPLE-PARTY ACCOUNTS
§560:6-103 Ownership during lifetime. (a) A joint account belongs, during the lifetime of all parties, to the parties in proportion to the net contributions by each to the sums on deposit, unless there is clear and convincing evidence of a different intent.
(b) A payable-on-death account belongs to the original payee during the payee's lifetime and not to the payable-on-death payee or payees; if two or more parties are named as original payees, during their lifetimes rights as between them are governed by subsection (a) of this section.
(c) Unless a contrary intent is manifested by the terms of the account or the deposit agreement or there is other clear and convincing evidence of an irrevocable trust, a trust account belongs beneficially to the trustee during the trustee's lifetime, and if two or more parties are named as trustee on the account, during their lifetimes beneficial rights as between them are governed by subsection (a) of this section. If there is an irrevocable trust, the account belongs beneficially to the beneficiary. [L 1976, c 200, pt of §1; gen ch 1985]
Section: Previous 560-5-608 560-5-609 560-5-610 560-5-611 560-5-612 560-6-101 560-6-102 560-6-103 560-6-104 560-6-105 560-6-106 560-6-107 560-6-108 560-6-109 560-6-110 NextLast modified: October 27, 2016