Cross References
Effect and transition of L 1996, c 288 amendments, see §560:8-201.
PART 1. MULTIPLE-PARTY ACCOUNTS
§560:6-112 Financial institution protection; discharge. Payment made pursuant to section 560:6-108, 560:6-109, 560:6-110, or 560:6-111 discharges the financial institution from all claims for amounts so paid whether or not the payment is consistent with the beneficial ownership of the account as between parties, payable-on-death payees, or beneficiaries, or their successors. The protection here given does not extend to payments made after a financial institution has received written notice from any party or has actual knowledge that withdrawals in accordance with the terms of the account should not be permitted. Unless the notice is withdrawn by the person giving it, the successor of any deceased party must concur in any demand for withdrawal if the financial institution is to be protected under this section. No other notice or any other information shown to have been available to a financial institution shall affect its right to the protection provided here. The protection here provided shall have no bearing on the rights of parties in disputes between themselves or their successors concerning the beneficial ownership of funds in, or withdrawn from, multiple-party accounts. [L 1976, c 200, pt of §1]
Section: Previous 560-6-105 560-6-106 560-6-107 560-6-108 560-6-109 560-6-110 560-6-111 560-6-112 560-6-113 560-6-201 560-7-101 560-7-102 560-7-103 560-7-104 560-7-105 NextLast modified: October 27, 2016