A financial institution, on request, may pay sums on deposit in an account with a POD designation to:
One or more of the parties, whether or not another party is disabled, incapacitated, or deceased when the payment is requested and whether or not a party survives another party;
The beneficiary or beneficiaries, if proof of death is presented to the financial institutionshowing that the beneficiary or beneficiaries survived all persons named as parties; or
The personal representative, if any, or, if there is none, the heirs or devisees of a deceasedparty, if proof of death is presented to the financial institution showing that the deceased party was the survivor of all other persons named on the account either as a party or beneficiary.
Source: L. 90: Entire article R&RE, p. 915, § 1, effective July 1.
Editor's note: This section is similar to former § 15-15-110 as it existed prior to 1990.