§ 15-15-211 — Ownership during lifetime

(1) In this section, net contribution
of a party means the sum of all deposits to an account made by or for the party, less
all payments from the account made to or for the party which have not been paid to
or applied to the use of another party and a proportionate share of any charges
deducted from the account, plus a proportionate share of any interest or dividends
earned, whether or not included in the current balance. The term includes deposit
life insurance proceeds added to the account by reason of death of the party whose
net contribution is in question.

(2) During the lifetime of all parties, an account belongs to the parties in
proportion to the net contribution of each to the sums on deposit, unless there is
clear and convincing evidence of a different intent. As between parties married to
each other, in the absence of proof otherwise, the net contribution of each is
presumed to be an equal amount.

(3) A beneficiary in an account having a POD designation has no right to
sums on deposit during the lifetime of any party.

(4) An agent in an account with an agency designation has no beneficial right
to sums on deposit.

Legislative History

Source: L. 90: Entire article R&RE, p. 913, � 1, effective July 1.