§ 26-801 — Deposits or shares of stock in names of 2 or more persons; payments or deliveries; liability of bank.

District of Columbia § 26-801

• Jurisdiction: District of Columbia
• Title 26: Banks and Other Financial Institutions.
• Ch. 8: Joint Accounts; Adverse Claimants; Trust Accounts.

Text

Except as provided in §§ 19-602.21 to 19-602.26 , when a deposit shall have been made in, or shall after May 15, 1928, be made in, or any collection item shall have been placed or shall after May 15, 1928, be placed with any bank, trust company, savings bank, building association, or other banking institution, including national banks, transacting business in the District of Columbia, or when any shares of stock shall have been issued or shall after May 15, 1928, be issued by any building association, transacting business in the District of Columbia, in the names of 2 or more persons, including spouses or domestic partners, payable to either, or payable to either or the survivor or survivors, such deposit, or in any part thereof, or any interest or dividend thereon, and such collection item or its proceeds, or any interest or dividend thereon, or such shares of stock issued by a building association or any interest or dividend thereon, may be paid or delivered to either of said persons whether the other or others be living or not; and the receipt or acquittance of the person to whom such payment or delivery is made shall be a valid, sufficient, and complete release and discharge of the bank, trust company, savings bank, building association, or other banking institution, including national banks, for any payment or delivery so made. For the purposes of this section, the term “domestic partner” shall have the same meaning as provided in § 32-701(3) .

Legislative History

May 15, 1928, 45 Stat. 533, ch. 568, § 1; Apr. 27, 2001, D.C. Law 13-292, § 303, 48 DCR 2087; Sept. 12, 2008, D.C. Law 17-231, § 25(a), 55 DCR 6758