§ 5-24-4 — Forms

Alabama § 5-24-4

• Jurisdiction: Alabama
• Title 5: Banks and Financial Institutions
• Ch. 24: Uniform Multiple-Person Accounts Act
• Art. 1: Definitions and General Provisions

Text

(a) A contract of deposit may contain provisions in substantially the following form to establish the type of account provided, and the account shall be governed by the provisions of this chapter applicable to an account of that type:
UNIFORM SINGLE- OR MULTIPLE-PARTY
ACCOUNT FORM
PARTIES [Name One Or More Parties]:
___________________
_________________
OWNERSHIP
[Select One]:
___________
SINGLE-PARTY ACCOUNT
___________
MULTIPLE-PARTY ACCOUNT Parties own account during the lifetime of all parties in proportion to net contributions unless there is clear and convincing evidence of a different intent.
RIGHTS AT DEATH
[Select One]:
___________
SINGLE-PARTY ACCOUNT
At death of party, ownership passes as part of party’s estate.
___________
SINGLE-PARTY ACCOUNT WITH POD (PAY ON DEATH) DESIGNATION [Name One Or More Beneficiaries]:
_____________________
_____________________
At death of party, ownership passes to POD beneficiaries and is not part of party’s estate.
___________
MULTIPLE-PARTY ACCOUNT WITH RIGHT OF SURVIVORSHIP At death of party, ownership passes to surviving parties.
___________
MULTIPLE-PARTY ACCOUNT WITH RIGHT OF SURVIVORSHIP AND POD (PAY ON DEATH ) DESGINATION [Name One Or More Beneficiaries]:
______________________
______________________
At death of last surviving party, ownership passes to POD beneficiaries and is not part of last surviving party’s estate.
___________
MULTIPLE-PARTY ACCOUNT WITHOUT RIGHT OF SURVIVORSHIP
At death of party, deceased party’s ownership passes as part of deceased party’s estate.
AGENCY DESIGNATION [Optional]
Agents may make account transactions for parties but have no ownership or rights at death unless named as POD beneficiaries.
[To Add Agency Designation To Account, Name One Or More Agents]:
______________
________________
[Select One]:
___________
AGENCY DESIGNATION SURVIVES DISABILITY OR INCAPACITY OF PARTIES
___________
AGENCY DESIGNATION TERMINATES ON DISABILITY OR INCAPACITY OF PARTIES
(b) A contract of deposit that does not contain provisions in substantially the form provided in subsection (a) is governed by the provisions of this chapter applicable to the type of account that most nearly conforms to the depositor’s intent as expressed in the contract of deposit.

Legislative History

(Acts 1997, No. 97-644, p. 1177, §1.)