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.
HISTORY: 1986 Act No. 539, Section 1; 1987 Act No. 171, Section 72; 1976 Code Section 62-6-108; 2013 Act No. 100, Section 2, eff January 1, 2014.