§ 32-17-11-27 — Right of financial institutions to set off against accounts

Indiana § 32-17-11-27

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

Text

(a) Without qualifying any other statutory
right to set off or lien and subject to any contractual provision, if a
party to a multiple party account is indebted to a financial institution,
the financial institution has a right to set off against the account in
which the party has, or had immediately before the party's death, a
present right of withdrawal.
(b) The amount of the account subject to set off as described in
subsection (a) is that proportion to which the debtor is, or was
immediately before the debtor's death, beneficially entitled.
(c) In the absence of proof of net contributions, the amount of the
account subject to set off as described in subsection (a) is an equal
share with all parties having present rights of withdrawal.
[Pre-2002 Recodification Citation: 32-4-1.5-13.]

Legislative History

As added by P.L.2-2002, SEC.2.