Payments; discharge of financial institutions from all claims
Sec. 26. (a) Payment made under section 22, 23, 24, or 25 of this
chapter discharges the financial institution from all claims for
amounts paid whether or not the payment is consistent with the
beneficial ownership of the account as between parties, P.O.D.
payees, or beneficiaries, or their successors.
(b) The protection provided under this section does not extend to
payments made after a financial institution has received written
notice from any party able to request present payment to the effect
that withdrawals in accordance with the terms of the account should
not be permitted.
(c) Unless a notice described in subsection (b) is withdrawn by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.
(d) No other notice or any other information shown to have been
available to a financial institution affects the institution's right to the
protection provided under this section.
(e) The protection provided under this section does not affect the
rights of parties in disputes between themselves or their successors
concerning the beneficial ownership of funds in or withdrawn from
multiple party accounts.
As added by P.L.2-2002, SEC.2.
Last modified: May 24, 2006