14-6211

14-6211. Ownership of accounts

A. During the lifetime of all parties an account belongs to the parties in
proportion to the net contribution of each to the sums on deposit unless there is clear
and convincing evidence of a different intent. As between parties married to each other,
in the absence of proof otherwise, the net contribution of each is presumed to be an
equal amount.

B. A beneficiary in an account having a pay on death designation has no right to
sums on deposit during the lifetime of any party.

C. An agent in an account with an agency designation has no beneficial right to
sums on deposit.

D. For the purposes of subsection A of this section, "net contribution" means the
sum of all deposits to an account made by or for the party, less all payments from the
account that are made to or for the party and that have not been paid to or applied to
the use of another party and a proportionate share of any charges deducted from the
account, plus a proportionate share of any interest or dividends earned, whether or not
included in the current balance. Net contribution includes deposit life insurance
proceeds added to the account by reason of the death of the party whose net contribution
is in question.