391.310 Ownership during lifetime.
167 words·~1 min read·
/ky/chapter-391/391-310A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)A joint account belongs, during the lifetime of all parties, to the parties in
proportion to the net contributions by each to the sums on deposit, unless there is
clear and convincing evidence of a different intent.
(2)A P.O.D. account belongs to the original payee during his lifetime and not to the
P.O.D. payee or payees; if two
(2)or more parties are named as original payees,
during their lifetimes rights as between them are governed by subsection
(1)of this
section.
(3)Unless a contrary intent is manifested by the terms of the account or the deposit
agreement or there is other clear and convincing evidence of an irrevocable trust, a
trust account belongs beneficially to the trustee during his lifetime, and if two
(2)or
more parties are named as trustee on the account, during their lifetimes beneficial
rights as between them are governed by subsection
(1)of this section. If there is an
irrevocable trust, the account belongs beneficially to the beneficiary.