Sec. 7. (a) As used in this chapter, “party” means a person who, by the terms of the
account, has a present right, subject to
request, to payment from a
multiple party account. A
beneficiary of a
trust account is a party only after the account becomes payable to the payee or
beneficiary by reason of the payee’s or beneficiary’s surviving the original payee or
trustee.
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Terms Used In Indiana Code 32-17-11-7
- account: means a contract of deposit of funds between a depositor and a financial institution. See Indiana Code 32-17-11-1
- 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 in a trust account as one for whom a party to the account is named as trustee. See Indiana Code 32-17-11-2
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- multiple party account: means any of the following types of accounts:
Indiana Code 32-17-11-5
- party: means a person who, by the terms of the account, has a present right, subject to request, to payment from a multiple party account. See Indiana Code 32-17-11-7
- request: means :
Indiana Code 32-17-11-12
- Trustee: A person or institution holding and administering property in trust.
- withdrawal: includes payment to a third person pursuant to a check or other directive of a party. See Indiana Code 32-17-11-15
(c) The term does not include:
(1) any named beneficiary unless the beneficiary has a present right of withdrawal; or
(2) a person who is merely authorized to make a request as the agent of another.
[Pre-2002 Recodification Citation: 32-4-1.5-1(7).]
As added by P.L.2-2002, SEC.2. Amended by P.L.143-2009, SEC.34.
