Sec. 19. (a) The provisions of section 18 of this chapter as to rights of survivorship are determined by the form of the account at the death of a party.

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Terms Used In Indiana Code 32-17-11-19

  • account: means a contract of deposit of funds between a depositor and a financial institution. See Indiana Code 32-17-11-1
  • financial institution: means any organization authorized to do business in Indiana under IC 28 or federal law relating to financial institutions. See Indiana Code 32-17-11-3
  • 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

     (b) The form of an account may be altered by written order given by a party to the financial institution to:

(1) change the form of the account; or

(2) stop or vary payment under the terms of the account.

     (c) An order or request described in subsection (b) must be:

(1) signed by a party;

(2) received by the financial institution during the party’s lifetime; and

(3) not countermanded by another written order of the same party during the party’s lifetime.

[Pre-2002 Recodification Citation: 32-4-1.5-5.]

As added by P.L.2-2002, SEC.2.

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