Sec. 22. (a) Financial institutions may enter into multiple
party accounts to the same extent that they may enter into single party accounts.
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Terms Used In Indiana Code 32-17-11-22
- 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
- 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
(c) For purposes of establishing net contributions, a financial institution is not required to inquire as to:
(1) the source of funds received for deposit to a multiple party account; or
(2) the proposed application of any sum withdrawn from an account.
[Pre-2002 Recodification Citation: 32-4-1.5-8.]
As added by P.L.2-2002, SEC.2.
