In this part 2:
(1)Account means a contract of deposit between a depositor and a
financial institution, and includes a checking account, savings account, certificate
of deposit, and share account.
(2)Agent means a person authorized to make account transactions for a
party.
(3)Beneficiary means a person named as one to whom sums on deposit in
an account are payable on request after death of all parties or for whom a party is
named as trustee.
(4)Financial institution means an organization authorized to do business
under state or federal laws relating to financial institutions, and includes a bank,
trust company, savings bank, building and loan association, savings and loan
company or association, and credit union.
(5)Multiple-party account means an account payable on reque
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In this part 2:
(1) Account means a contract of deposit between a depositor and a
financial institution, and includes a checking account, savings account, certificate
of deposit, and share account.
(2) Agent means a person authorized to make account transactions for a
party.
(3) Beneficiary means a person named as one to whom sums on deposit in
an account are payable on request after death of all parties or for whom a party is
named as trustee.
(4) Financial institution means an organization authorized to do business
under state or federal laws relating to financial institutions, and includes a bank,
trust company, savings bank, building and loan association, savings and loan
company or association, and credit union.
(5) Multiple-party account means an account payable on request to one or
more of two or more parties, whether or not a right of survivorship is mentioned.
(6) Party means a person who, by the terms of an account, has a present
right, subject to request, to payment from the account other than as a beneficiary
or agent.
(7) Payment of sums on deposit includes withdrawal, payment to a party or
third person pursuant to check or other request, and a pledge of sums on deposit by
a party, or a set-off, reduction, or other disposition of all or part of an account
pursuant to a pledge.
(8) POD designation means the designation of (i) a beneficiary in an
account payable on request to one party during the party's lifetime and on the
party's death to one or more beneficiaries, or to one or more parties during their
lifetimes and on death of all of them to one or more beneficiaries, or (ii) a
beneficiary in an account in the name of one or more parties as trustee for one or
more beneficiaries if the relationship is established by the terms of the account and
there is no subject of the trust other than the sums on deposit in the account,
whether or not payment to the beneficiary is mentioned.
(9) Receive, as it relates to notice to a financial institution, means receipt in
the office or branch office of the financial institution in which the account is
established, but if the terms of the account require notice at a particular place, in
the place required.
(10) Request means a request for payment complying with all terms of the
account, including special requirements concerning necessary signatures and
regulations of the financial institution; but, for purposes of this part 2, if terms of
the account condition payment on advance notice, a request for payment is treated
as immediately effective and a notice of intent to withdraw is treated as a request
for payment.
(11) Sums on deposit means the balance payable on an account, including
interest and dividends earned, whether or not included in the current balance, and
any deposit life insurance proceeds added to the account by reason of death of a
party.
(12) Terms of the account includes the deposit agreement and other terms
and conditions, including the form, of the contract of deposit.