§ 15-15-212 — Rights at death

(1) Except as otherwise provided in this section,
on death of a party sums on deposit in a multiple-party account belong to the
surviving party or parties. If two or more parties survive and one is the surviving
spouse of the decedent, the amount to which the decedent, immediately before
death, was beneficially entitled under section 15-15-211 belongs to the surviving
spouse. If two or more parties survive and none is the surviving spouse of the
decedent, the amount to which the decedent, immediately before death, was
beneficially entitled under section 15-15-211 belongs to the surviving parties in
equal shares, and augments the proportion to which each survivor, immediately
before the decedent's death, was beneficially entitled under section 15-15-211, and
the right of survivorship continues between the surviving parties.

(2) In an account with a POD designation:

(a) On death of one of two or more parties, the rights in sums on deposit are
governed by subsection (1).

(b) (I) On death of the sole party or the last survivor of two or more parties,
sums on deposit belong to the surviving beneficiary or beneficiaries. If two or more
beneficiaries survive, sums on deposit belong to them in such proportions as
specified in the POD designation or, if the POD designation does not specify
different proportions, in equal and undivided shares; and there is no right of
survivorship in the event of death of a beneficiary thereafter.

(II) If there are two or more beneficiaries, and if any beneficiary fails to
survive the sole party or the last survivor of two or more parties, sums on deposit
belong to the surviving beneficiaries in proportion to their respective interests as
beneficiaries under subparagraph (I) of this paragraph (b).

(III) If no beneficiary survives, sums on deposit belong to the estate of the
last surviving party.

(IV) Neither the provisions of section 15-11-706 nor the provisions of any
other anti-lapse statute apply to the disposition of an account with a POD
designation.

(3) Sums on deposit in a single-party account without a POD designation, or
in a multiple-party account that, by the terms of the account, is without right of
survivorship, are not affected by death of a party, but the amount to which the
decedent, immediately before death, was beneficially entitled under section 15-15-211 is transferred as part of the decedent's estate. A POD designation in a multiple-party account without right of survivorship is ineffective. For purposes of this
section, designation of an account as a tenancy in common establishes that the
account is without right of survivorship.

(4) The ownership right of a surviving party or beneficiary, or of the
decedent's estate, in sums on deposit is subject to requests for payment made by a
party before the party's death, whether paid by the financial institution before or
after death, or unpaid. The surviving party or beneficiary, or the decedent's estate,
is liable to the payee of an unpaid request for payment. The liability is limited to a
proportionate share of the amount transferred under this section, to the extent
necessary to discharge the request for payment.

(5) Sums remaining on deposit at the death of a party to a multiple-party
account, which are not subject to a POD designation, belong to the surviving party
or parties as against the estate of the decedent unless there is clear and convincing
evidence of a different intention.

Legislative History

Source: L. 90: Entire article R&RE, p. 913, � 1, effective July 1. L. 91: (5) added, p. 1452, � 18, effective July 1. L. 2013: (2)(b) amended, (HB 13-1016), ch. 82, p. 265, � 1, effective March 29.