17:16I-3 - Ownership as between parties and others; protection of financial institutions - New Jersey Statutes

17:16I-3.  Ownership as between parties and others;  protection of financial  institutions
    The provisions of sections 4 to 6 concerning beneficial ownership as between  parties, or as between parties and P.O.D. payees or beneficiaries of multiple-party accounts, are relevant only to controversies between these persons and their creditors and other successors, and have no bearing on the power of withdrawal of these persons as determined by the terms of account contracts.  The provisions of sections 8 to 13 govern the liability of financial institutions who make payments pursuant thereto, and their setoff rights.

     L.1979, c. 491, s. 3.