Section 5-16-44 Deposit in names of two persons, payable to either or survivor - How payable; when construed as belonging to survivor. - Alabama Statutes

Section 5-16-44

Deposit in names of two persons, payable to either or survivor - How payable; when construed as belonging to survivor.

When a deposit has been made or shall hereafter be made in any savings and loan association transacting business in this state in the names of two persons, payable to either, or payable to either or survivor, such deposit or any part thereof or any interest or dividend thereon may be paid to either of said persons, whether the other is living or not; and, if one is dead, such deposit shall be construed as belonging to the survivor in the absence of any written agreement to the contrary. The receipt or acquittance of the person so paid shall be a valid and sufficient release and discharge to the savings and loan association for any payment so made. This section shall also apply where a deposit is made in the names of more than two persons where there is a provision for survivorship.

(Acts 1967, No. 211, p. 575, §1.)