§ 11-105-105 — Joint deposits - right of survivor

Colorado § 11-105-105

• Jurisdiction: Colorado
• Title 11: Financial
• Art.: Banking Practices

Text

Except as to accounts, which
are defined in and which shall be paid as provided in article 15 of title 15, C.R.S.,
when a bank deposit in any bank transacting business in this state is made in the
names of two or more persons payable to them or to any of them, such deposit, or
any part thereof or interest thereon, may be paid to any one of said persons
whether the others are living or not, and the receipt or acquittance of the person so
paid shall be valid and sufficient discharge to the paying bank from all said persons
and their heirs, executors, administrators, and assigns; such deposit shall be
deemed, so far as the rights and liabilities of the bank are concerned, to be owned
by said persons in joint tenancy with the right of survivorship, but the bank has the
right of setoff against such deposit, to the extent thereof, to collect a debt owed to
the bank by any joint depositor, which right shall not be affected by death.

Legislative History

Source: L. 2003: Entire article added with relocations, p. 1114, � 3, effective July 1.