72-6-223. Payment on POD designation.
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/mt/title-72/chapter-6/part-2/72-6-223·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
72-6-223 . Payment on POD designation. A financial institution, on request, may pay sums on deposit in an account with a POD designation to:
(1)one or more of the parties, whether or not another party is disabled, incapacitated, or deceased when the payment is requested and whether or not a party survives another party;
(2)the beneficiary or beneficiaries, if proof of death is presented to the financial institution, showing that the beneficiary or beneficiaries survived all persons named as parties; or
(3)the personal representative, if any, or, if there is none, the heirs or devisees of a deceased party, if proof of death is presented to the financial institution, showing that the deceased party was the survivor of all other persons named on the account as either a party or beneficiary.