§ 34-11-10 — Payment of deposits made in name of two or more persons.

Subject to the provisions of Sections 62-6-101, et seq., of the South Carolina Probate Code: (a) when a deposit has been made in a bank, banking institution, or depository transacting business in this State in the names of two or more persons, payable to any of the depositors or payable to any of the depositors or the survivor or survivors, the deposit or any part thereof may be paid to any of the persons, whether the other or others are living or not and the receipt or acquittance of the person or persons paid is a valid and sufficient release and discharge for any or all payments made. (b) The pledge or hypothecation to any bank, banking institution, or other depository transacting business in this State of all or part of a deposit account in the names of two or more persons, payable to any of the depositors or payable to any of the depositors or the survivor or survivors, by any depositor or depositors, whether minor or adult, upon whose signature or signatures withdrawals may be made from the account is, unless the terms of the deposit account provide specifically to the contrary, a valid pledge and transfer to the institution of that portion of the account pledged or hypothecated. For purposes of this section the term "deposit" includes a certificate of deposit.

Legislative History

HISTORY: 1962 Code SECTION 8-171; 1952 Code SECTION 8-171; 1942 Code SECTION 7851; 1935 (39) 236; 1944 (43) 1272; 1985 Act No. 128, SECTION 5; repealed by 1986 Act No. 539, SECTION 2, eff July 1, 1987; 1990 Act No. 521, Part II, SECTION 99, eff June 5, 1990. Effect of Amendment The 1990 amendment added "Subject to the provisions of Sections 62-6-101 et seq. of the South Carolina Probate Code," at the beginning of the section.