A financial institution may enter into a contract of deposit for a multiple-party account to the same extent it may enter into a contract of deposit for a single-party account, and may provide for a POD designation and an agency designation in either a single-party account or a multiple-party account. A financial institution need not inquire as to the source of a deposit to an account or as to the proposed application of a payment from an account.
CREDIT(S)
(Apr. 27, 2001, D.C. Law 13-292, § 302(b), 48 DCR 2087.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
For D.C. Law 13-292, see notes following § 19-601.01.
Uniform Law
This section is based upon § 221 of the Uniform Nonprobate Transfers on Death Act (1991 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.