Sec. 23. (a) Except as provided in subsection (b), any sums in a joint account may be paid, on request, to any party without regard to whether any other party is incapacitated or deceased at the time the payment is demanded.

     (b) Payment may not be made to the personal representative or heirs of a deceased party unless:

Terms Used In Indiana Code 32-17-11-23

  • account: means a contract of deposit of funds between a depositor and a financial institution. See Indiana Code 32-17-11-1
  • Decedent: A deceased person.
  • financial institution: means any organization authorized to do business in Indiana under IC 28 or federal law relating to financial institutions. See Indiana Code 32-17-11-3
  • 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
  • request: means :

    Indiana Code 32-17-11-12

  • Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
(1) proofs of death are presented to the financial institution showing that the decedent was the last surviving party; or

(2) there is no right of survivorship under section 18 of this chapter.

[Pre-2002 Recodification Citation: 32-4-1.5-9.]

As added by P.L.2-2002, SEC.2.

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