14-6212

14-6212. Death of a party; rights of
survivors

A. Except as otherwise provided in this section, on the death of a party, sums on
deposit in a multiple party account belong to the surviving party or parties. If two or
more parties survive and one is the surviving spouse of the decedent, the amount to which
the decedent, immediately before death, was beneficially entitled under section 14-6211
belongs to the surviving spouse. If two or more parties survive and none is the
surviving spouse of the decedent, the amount to which the decedent, immediately before
death, was beneficially entitled under section 14-6211 belongs to the surviving parties
in equal shares and augments the proportion to which each survivor, immediately before
the decedent's death, was beneficially entitled under section 14-6211. The right of
survivorship continues between the surviving parties.

B. In an account with a pay on death designation:

1. On the death of one of two or more parties, the rights in sums on deposit are
governed by subsection A of this section.

2. On the death of the sole party or the last survivor of two or more parties, sums
on deposit belong to the surviving beneficiary or beneficiaries. If two or more
beneficiaries survive, sums on deposit belong to them in equal and undivided
shares. Thereafter there is no right of survivorship in the event of death of a
beneficiary. If no beneficiary survives sums on deposit belong to the estate of the last
surviving party.

C. Sums on deposit in a single party account without a pay on death designation or
in a multiple party account that, by the terms of the account, is without right of
survivorship, are not affected by the death of a party. However, the amount to which the
decedent, immediately before death, was beneficially entitled under section 14-6211 is
transferred as part of the decedent's estate. A pay on death designation in a multiple
party account without right of survivorship is ineffective. For purposes of this
subsection, designation of an account as a tenancy in common establishes that the account
is without right of survivorship.

D. The ownership right of a surviving party or beneficiary or of the decedent's
estate in sums on deposit is subject to requests for payment made by a party before the
party's death, whether paid by the financial institution before or after death or
unpaid. The surviving party or beneficiary or the decedent's estate is liable to the
payee of an unpaid request for payment. The liability is limited to a proportionate
share of the amount transferred under this section to the extent necessary to discharge
the request for payment.