Maine Revised Statutes Title 18-C Sec. 6-213 – Alteration of rights
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1. Rights determined by terms of account. Rights at the death of a party under section 6-212 are determined by the terms of the account at the death of the party. A party may alter the terms of the account by a notice signed by the party and given to the financial institution to change the terms of the account or to stop or vary payment under the terms of the account. To be effective, the notice must be received by the financial institution during the party’s lifetime.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
Terms Used In Maine Revised Statutes Title 18-C Sec. 6-213
- Account: means a contract of deposit between a depositor and a financial institution and includes a checking account, savings account, certificate of deposit and share account. See Maine Revised Statutes Title 18-C Sec. 6-201
- Financial institution: means an organization authorized to do business under state or federal laws relating to financial institutions and includes a bank, trust company, savings bank, building and loan association, savings and loan company or association and credit union. See Maine Revised Statutes Title 18-C Sec. 6-201
- Party: means a person who, by the terms of an account, has a present right, subject to request, to payment from the account other than as a beneficiary or agent. See Maine Revised Statutes Title 18-C Sec. 6-201
- POD designation: means the designation of:
A. See Maine Revised Statutes Title 18-C Sec. 6-201Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners. Terms of the account: includes the deposit agreement and other terms and conditions, including the form, of the contract of deposit. See Maine Revised Statutes Title 18-C Sec. 6-201
2. Right of survivorship not altered by will. A right of survivorship arising from the express terms of the account, section 6-212 or a POD designation may not be altered by a will.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).