Application of certain sections
Sec. 16. (a) The provisions of sections 17, 18, and 19 of this
chapter concerning beneficial ownership as between parties, or as
between parties and P.O.D. payees or beneficiaries of multiple party
accounts:
(1) apply only to controversies between:
(A) the parties or the P.O.D. payees or beneficiaries of
multiple party accounts; and
(B) creditors and other successors of:
(i) the parties; or
(ii) the P.O.D. payees or beneficiaries of multiple party
accounts; and
(2) do not affect the power of withdrawal of the parties or the
P.O.D. payees or beneficiaries of multiple party accounts as
determined by the terms of account contracts.
(b) The provisions of sections 22 through 27 of this chapter
govern the liability and set-off rights of financial institutions that
make payments under sections 22 through 27 of this chapter.
As added by P.L.2-2002, SEC.2.
Last modified: May 24, 2006