Cross References
Effect and transition of L 1996, c 288 amendments, see §560:8-201.
PART 1. MULTIPLE-PARTY ACCOUNTS
§560:6-113 Financial institution protection; set-off. Without qualifying any other statutory right to set-off or lien and subject to any contractual provision, if a party to a multiple-party account is indebted to a financial institution, the financial institution has a right to set-off against the account in which the party has or had immediately before the party's death a present right of withdrawal. The amount of the account subject to set-off is the deceased party's net contribution to the account, and in the absence of proof of net contributions, to an equal share with all parties having present rights of withdrawal. [L 1976, c 200, pt of §1; am L 1977, c 144, §52; gen ch 1985]
Section: Previous 560-6-106 560-6-107 560-6-108 560-6-109 560-6-110 560-6-111 560-6-112 560-6-113 560-6-201 560-7-101 560-7-102 560-7-103 560-7-104 560-7-105 560-7-106 NextLast modified: October 27, 2016