Authority of financial institution

  1. Law
  2. District of Columbia Code
  3. Descent, Distribution, and Trusts. [Enacted title]
  4. Nonprobate Transfers on Death; Uniform Law
  5. Multiple-Person Accounts
  6. Protection Of Financial Institutions
  7. Authority of financial institution

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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.

(Apr. 27, 2001, D.C. Law 13-292, § 302(b), 48 DCR 2087.)

Section References

This section is referenced in § 26-801.

Editor's Notes

Uniform Law: This section is based upon § 221 of the Uniform Nonprobate Transfers on Death Act (1991 Act).


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