South Carolina Code 62-6-303. Payment of POD account
Current as of: 2023 | Check for updates
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A financial institution, on request, may pay sums on deposit in an account with a POD designation:
(1) to one or more of the parties, whether or not another party is disabled, incapacitated, or deceased when the payment is requested and whether or not a party survives another party;
Terms Used In South Carolina Code 62-6-303
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
(2) to the beneficiary or beneficiaries, if proof of death is presented to the financial institution showing that the beneficiary or beneficiaries survived all persons named as parties;
(3) to the personal representative of a deceased party, if proof of death is presented to the financial institution showing that the deceased party was the survivor of all other persons named on the account either as a party or beneficiary; or
(4) in accordance with a court order directing the payment of the sums on deposit.