A financial institution may enter into a contract of deposit for a multiple-party account to the same extent it may enter into a contract of deposit for a single-party account, and may provide for a POD designation and an agency designation in either a single-party account or a multiple-party account. A financial institution need not inquire as to the source of a deposit to an account or as to the proposed application of a payment from an account.
Source: L. 90: Entire article R&RE, p. 915, § 1, effective July 1.
Editor's note: This section is similar to former § 15-15-108 as it existed prior to 1990.