Sec. 23. (a) Except as provided in subsection (b), any sums in a joint
account may be paid, on
request, to any
party without regard to whether any other party is incapacitated or deceased at the time the payment is demanded.
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Terms Used In Indiana Code 32-17-11-23
- account: means a contract of deposit of funds between a depositor and a financial institution. See Indiana Code 32-17-11-1
- Decedent: A deceased person.
- 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
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
(1) proofs of death are presented to the financial institution showing that the decedent was the last surviving party; or
(2) there is no right of survivorship under section 18 of this chapter.
[Pre-2002 Recodification Citation: 32-4-1.5-9.]
As added by P.L.2-2002, SEC.2.
