Ownership of accounts
Sec. 17. (a) Unless there is clear and convincing evidence of a
different intent, during the lifetime of all parties, a joint account
belongs to the parties in proportion to the net contributions by each
party to the sums on deposit.
(b) A P.O.D. account belongs to the original payee during the
original payee's lifetime and not to the P.O.D. payee or payees. If at
least two (2) parties are named as original payees, subsection (a)
governs the rights of the parties during their lifetimes.
(c) Unless:
(1) a contrary intent is manifested by the terms of the account
or the deposit agreement; or
(2) there is other clear and convincing evidence of an
irrevocable trust;
a trust account belongs beneficially to the trustee during the trustee's
lifetime. If at least two (2) parties are named as trustee on the
account, subsection (a) governs the beneficial rights of the trustees
during their lifetimes. If there is an irrevocable trust, the account
belongs beneficially to the beneficiary.
As added by P.L.2-2002, SEC.2.
Last modified: May 24, 2006