South Dakota Codified Laws 29A-6-111. Financial institution discharged from claims–Exception where notice given
Payment made pursuant to § 29A-6-108, 29A-6-109, 29A-6-110, or 29A-6-114, discharges the financial institution from all claims for amounts so paid whether or not the payment is consistent with the beneficial ownership of the account as between parties, or beneficiaries, or their successors. The protection here given does not extend to payments made after a financial institution has received written notice from any party able to request present payment to the effect that withdrawals in accordance with the terms of the account should not be permitted. Unless the notice is withdrawn by the person giving it, the successor of any deceased party shall concur in any demand for withdrawal if the financial institution is to be protected under this section. No other notice or any other information shown to have been available to a financial institution effects its right to the protection provided here. The protection here provided has no bearing on the rights of parties in disputes between themselves or their successors concerning the beneficial ownership of funds in, or withdrawn from, multiple–party accounts.
Terms Used In South Dakota Codified Laws 29A-6-111
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2
Source: SL 1987, ch 208, § 11; SL 1991, ch 230, § 1F; SDCL 30-23-53; SL 1995, ch 167, § 172.