W. Va. Code R. § 106-17-5

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 106-17-5 - Non-Liability of Bank

5.1. Upon Closing the Account -- To the extent the bank closes the account acting upon written notice of a joint account holder made pursuant to W. Va. Code '31A-4-33 the bank has no liability to any affected joint account holder in consequence for taking such action.

5.2. Upon Following Agreement of Parties -- To the extent the bank follows or complies with an agreement among and between all the parties to a joint account as to the apportionment or disposition of funds held in the joint account, the bank has no liability to any affected joint account holder in consequence for taking such action.

5.3. Upon Compliance with a Court Order -- To the extent the bank follows or complies in good faith with an order from a court as to the apportionment or disposition of funds held in a joint account affected by notice pursuant to W. Va. Code '31A-4-33, or makes any payment or attachment to a creditor or other legal claimant pursuant to legal process, the bank has no liability to any affected joint account holder in consequence for taking such action.

5.4. Upon Taking Commercially Reasonable Action -- To the extent the bank, in good faith, takes all commercially reasonable action to promptly prevent a joint account holder from withdrawing, closing, pledging or otherwise encumbering such account as directed by another joint account holder's written notice received by the bank, the bank has no liability to any affected joint account holder for being unable to prevent the withdrawal, closing, pledge, or encumberment.

W. Va. Code R. § 106-17-5