Maine Revised Statutes Title 18-C Sec. 6-211 – Ownership during lifetime
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1. “Net contribution” defined. As used in this section, “net contribution” of a party means the sum of all deposits to an account made by or for the party, less all payments from the account made to or for the party that have not been paid to or applied to the use of another party and a proportionate share of any charges deducted from the account, plus a proportionate share of any interest or dividends earned, whether or not included in the current balance. “Net contribution” includes deposit life insurance proceeds added to the account by reason of death of the party whose net contribution is in question.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
Terms Used In Maine Revised Statutes Title 18-C Sec. 6-211
- Account: means a contract of deposit between a depositor and a financial institution and includes a checking account, savings account, certificate of deposit and share account. See Maine Revised Statutes Title 18-C Sec. 6-201
- Agent: means a person authorized to make account transactions for a party. See Maine Revised Statutes Title 18-C Sec. 6-201
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means a person named as one to whom sums on deposit in an account are payable on request after death of all parties or for whom a party is named as trustee. See Maine Revised Statutes Title 18-C Sec. 6-201
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Party: means a person who, by the terms of an account, has a present right, subject to request, to payment from the account other than as a beneficiary or agent. See Maine Revised Statutes Title 18-C Sec. 6-201
- POD designation: means the designation of:
A. See Maine Revised Statutes Title 18-C Sec. 6-201Sums on deposit: means the balance payable on an account, including interest and dividends earned, whether or not included in the current balance, and any deposit life insurance proceeds added to the account by reason of death of a party. See Maine Revised Statutes Title 18-C Sec. 6-201
2. Interest based on net contribution of each party. During the lifetime of all parties, an account belongs to the parties in proportion to the net contribution of each to the sums on deposit, unless there is clear and convincing evidence of a different intent. As between parties married to each other, in the absence of proof otherwise the net contribution of each is presumed to be an equal amount.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
3. Beneficiary; no right to sums. A beneficiary in an account having a POD designation has no right to sums on deposit during the lifetime of any party.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
4. Agent; no beneficial right to sums. An agent in an account with an agency designation has no beneficial right to sums on deposit.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).