Alabama § 5-24-13 Alteration of Rights

Alabama Statutes

§ 5-24-13 — Alteration of Rights

Alabama·Title 5 Banks and Financial Institutions·Ch. 24 Uniform Multiple-Person Accounts Act·Art. 2 Ownership as Between Parties and Others

(a)Rights at death under Section 5-24-12 are determined by the type of account at the death of a party. The type of account may be altered by written notice given by a party to the financial institution to change the type of account or to stop or vary payment under the terms of the account. The notice must be signed by a party and received by the financial institution during the party’s lifetime.

(b)A right of survivorship arising from the express terms of the account, Section 5-24-12, or a POD designation, may not be altered by will.

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(a) Rights at death under Section 5-24-12 are determined by the type of account at the death of a party. The type of account may be altered by written notice given by a party to the financial institution to change the type of account or to stop or vary payment under the terms of the account. The notice must be signed by a party and received by the financial institution during the party’s lifetime.
(b) A right of survivorship arising from the express terms of the account, Section 5-24-12, or a POD designation, may not be altered by will.

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