Without qualifying any other statutory or common law right to setoff 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 setoff against the account in which the party has or had immediately before the death of the party a present right of withdrawal. The amount of the account subject to setoff is that proportion to which the debtor is, or was immediately before the death of the debtor, beneficially entitled and, in the absence of proof of net contributions, to an equal share with all parties having present rights of withdrawal. [1997 c.631 §183]
Section: Previous 708A.475 708A.480 708A.485 708A.490 708A.495 708A.500 708A.505 708A.510 708A.515 708A.535 708A.555 708A.560 708A.565 708A.570 708A.575 NextLast modified: August 7, 2008