Right of financial institutions to set off against accounts
Sec. 27. (a) 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.
(b) The amount of the account subject to set off as described in
subsection (a) is that proportion to which the debtor is, or was
immediately before the debtor's death, beneficially entitled.
(c) In the absence of proof of net contributions, the amount of the
account subject to set off as described in subsection (a) is an equal
share with all parties having present rights of withdrawal.
As added by P.L.2-2002, SEC.2.
Last modified: May 24, 2006