72-6-213. Alteration of rights.
180 words·~1 min read·
/mt/title-72/chapter-6/part-2/72-6-213·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
72-6-213 . Alteration of rights.
(1)Rights at death under 72-6-212 are determined by the terms of the account at the death of a party.
(2)Except as provided in subsection
(3)and unless otherwise agreed in writing between the parties to the account, the terms of an account may be altered by written notice given by a party to the financial institution to change the terms of account or to stop or vary payment under the terms of the account. The notice must be signed by a party and received by the financial institution during the party's lifetime.
(3)A financial institution may, in its discretion, refuse to honor a request for alteration of rights that would change:
(a)the financial institution's obligations or rights under the contract of deposit; or
(b)the parties to a multiple-party account if the request is not signed by all of the parties to the account.
(4)A right of survivorship arising from the express terms of the account, from 72-6-212 , or from a POD designation may not be altered by will.