Indiana Code 32-17-11-17. Ownership of accounts
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Sec. 17. (a) Unless there is clear and convincing evidence of a different intent, during the lifetime of all parties, a joint account belongs to the parties in proportion to the net contributions by each party to the sums on deposit.
(1) a contrary intent is manifested by the terms of the account or the deposit agreement; or
(b) Unless:
Terms Used In Indiana Code 32-17-11-17
- account: means a contract of deposit of funds between a depositor and a financial institution. See Indiana Code 32-17-11-1
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
- party: means a person who, by the terms of the account, has a present right, subject to request, to payment from a multiple party account. See Indiana Code 32-17-11-7
- sums on deposit: means the balance payable on a multiple party account, including interest, dividends, and any deposit life insurance proceeds added to the account by reason of the death of a party. See Indiana Code 32-17-11-13
- Trustee: A person or institution holding and administering property in trust.
(2) there is other clear and convincing evidence of an irrevocable trust;
a trust account belongs beneficially to the trustee during the trustee’s lifetime. If at least two (2) parties are named as trustee on the account, subsection (a) governs the beneficial rights of the trustees during their lifetimes. If there is an irrevocable trust, the account belongs beneficially to the beneficiary.
[Pre-2002 Recodification Citation: 32-4-1.5-3.]
As added by P.L.2-2002, SEC.2. Amended by P.L.143-2009, SEC.36.