(a) A contract of deposit may contain provisions in substantially the following form to establish the type of account provided, and the account shall be governed by the provisions of this chapter applicable to an account of that type:

UNIFORM SINGLE- OR MULTIPLE-PARTY

ACCOUNT FORM

PARTIES [Name One Or More Parties]:
___________________ _________________

OWNERSHIP

[Select One]:
___________

SINGLE-PARTY ACCOUNT
___________

MULTIPLE-PARTY ACCOUNT Parties own account during the lifetime of all parties in proportion to net contributions unless there is clear and convincing evidence of a different intent.

RIGHTS AT DEATH

[Select One]:
___________

SINGLE-PARTY ACCOUNT

At death of party, ownership passes as part of party’s estate.
___________

SINGLE-PARTY ACCOUNT WITH POD (PAY ON DEATH) DESIGNATION [Name One Or More Beneficiaries]:
_____________________ _____________________

At death of party, ownership passes to POD beneficiaries and is not part of party’s estate.
___________

MULTIPLE-PARTY ACCOUNT WITH RIGHT OF SURVIVORSHIP At death of party, ownership passes to surviving parties.
___________

MULTIPLE-PARTY ACCOUNT WITH RIGHT OF SURVIVORSHIP AND POD (PAY ON DEATH) DESGINATION [Name One Or More Beneficiaries]:
______________________ ______________________

At death of last surviving party, ownership passes to POD beneficiaries and is not part of last surviving party’s estate.
___________

MULTIPLE-PARTY ACCOUNT WITHOUT RIGHT OF SURVIVORSHIP

At death of party, deceased party’s ownership passes as part of deceased party’s estate.

AGENCY DESIGNATION [Optional]

Agents may make account transactions for parties but have no ownership or rights at death unless named as POD beneficiaries.

[To Add Agency Designation To Account, Name One Or More Agents]:
______________ ________________

[Select One]:
___________

AGENCY DESIGNATION SURVIVES DISABILITY OR INCAPACITY OF PARTIES
___________

AGENCY DESIGNATION TERMINATES ON DISABILITY OR INCAPACITY OF PARTIES

Terms Used In Alabama Code 5-24-4

  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • following: means next after. See Alabama Code 1-1-1
  • Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
(b) A contract of deposit that does not contain provisions in substantially the form provided in subsection (a) is governed by the provisions of this chapter applicable to the type of account that most nearly conforms to the depositor’s intent as expressed in the contract of deposit.
  Previous section
Next section  
 Article 1 Contents