Sec. 27. (a) Without qualifying any other statutory right to set off or
lien and subject to any contractual provision, if a
party to a multiple party
account is indebted to a
financial institution, the financial institution has a right to set off against the account in which the party has, or had immediately before the party’s death, a present right of
withdrawal.
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Terms Used In Indiana Code 32-17-11-27
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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
- 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) In the absence of proof of net contributions, the amount of the account subject to set off as described in subsection (a) is an equal share with all parties having present rights of withdrawal.
[Pre-2002 Recodification Citation: 32-4-1.5-13.]
As added by P.L.2-2002, SEC.2.
