§ 32-17-11-26 — Payments; discharge of financial institutions from all claims

Indiana § 32-17-11-26

• Jurisdiction: Indiana
• Title 32: PROPERTY
• Art. 17: INTERESTS IN PROPERTY
• Ch. 11: Multiple Party Accounts

Text

(a) Payment made under section 22, 23, or
25 of this chapter discharges the financial institution from all claims for
amounts paid whether or not the payment is consistent with the
beneficial ownership of the account as between parties, beneficiaries,
or their successors.
(b) The protection provided under this section does not extend to
payments made after a financial institution has received written notice
from any party able to request present payment to the effect that
withdrawals in accordance with the terms of the account should not be
permitted.
(c) Unless a notice described in subsection (b) is withdrawn by the
person giving it, the successor of any deceased party must concur in
any demand for withdrawal if the financial institution is to be protected
under this section.
(d) No other notice or any other information shown to have been
available to a financial institution affects the institution's right to the
protection provided under this section.
(e) The protection provided under this section does not affect the
rights of parties in disputes between themselves or their successors
concerning the beneficial ownership of funds in or withdrawn from
multiple party accounts.
[Pre-2002 Recodification Citation: 32-4-1.5-12.]

Legislative History

As added by P.L.2-2002, SEC.2. Amended by P.L.143-2009, SEC.39.