D.C. Code § 19-602.04

Current through codified legislation effective September 18, 2024

Section 19-602.04 - Forms

(a) A contract of deposit that contains provisions in substantially the following form establishes the type of account provided, and the account is governed by the provisions of this subchapter applicable to an account of that type:

"UNIFORM SINGLE-OR MULTIPLE-PARTY ACCOUNT FORM

"PARTIES [Name one or more parties]: ________________

"OWNERSHIP [Select one and initial]:

"________ SINGLE-PARTY ACCOUNT

"________ MULTIPLE-PARTY ACCOUNT

"Parties own account in proportion to net contributions unless there is clear and convincing evidence of a different intent.

"RIGHTS AT DEATH [Select one and initial]:

"________ SINGLE-PARTY ACCOUNT

"At death of party, ownership passes as part of party's estate.

"________ SINGLE-PARTY ACCOUNT WITH POD (PAY ON DEATH) DESIGNATION

"[Name one or more beneficiaries]:

"At death of party, ownership passes to POD beneficiaries and is not part of party's estate.

"________ MULTIPLE-PARTY ACCOUNT WITH RIGHT OF SURVIVORSHIP

"At death of party, ownership passes to surviving parties.

"________ MULTIPLE-PARTY ACCOUNT WITH RIGHT OF SURVIVORSHIP AND POD (PAY ON DEATH) DESIGNATION

"[Name one or more beneficiaries]: ________________

"At death of last surviving party, ownership passes to POD beneficiaries and is not part of last surviving party's estate.

"________ MULTIPLE-PARTY ACCOUNT WITHOUT RIGHT OF SURVIVORSHIP

"At death of party, deceased party's ownership passes as part of deceased party's estate. AGENCY (POWER OF ATTORNEY) DESIGNATION [Optional]

"Agents may make account transactions for parties but have no ownership or rights at death unless named as POD beneficiaries.

"[To add agency designation to account, name one or more agents]:

"________________

"[Select one and initial]:

"________ AGENCY DESIGNATION SURVIVES DISABILITY OR INCAPACITY OF PARTIES

"________ AGENCY DESIGNATION TERMINATES ON DISABILITY OR INCAPACITY OF PARTIES"

(b) A contract of deposit that does not contain provisions in substantially the form provided in subsection (a) of this section is governed by the provisions of this subchapter applicable to the type of account that most nearly conforms to the depositor's intent.

D.C. Code § 19-602.04

Apr. 27, 2001, D.C. Law 13-292, § 302(b), 48 DCR 2087.

Uniform Law: This section is based upon § 204 of the Uniform Nonprobate Transfers on Death Act (1991 Act).