Indiana Code 32-17-11-16. Application of certain sections
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Sec. 16. (a) The provisions of sections 17, 18, and 19 of this chapter concerning beneficial ownership as between parties, or as between parties and beneficiaries of multiple party accounts:
(A) the parties or the beneficiaries of multiple party accounts; and
(1) apply only to controversies between:
Terms Used In Indiana Code 32-17-11-16
- account: means a contract of deposit of funds between a depositor and a financial institution. See Indiana Code 32-17-11-1
- 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
- withdrawal: includes payment to a third person pursuant to a check or other directive of a party. See Indiana Code 32-17-11-15
(B) creditors and other successors of:
(i) the parties; or
(ii) the beneficiaries of multiple party accounts; and
(2) do not affect the power of withdrawal of the parties or the beneficiaries of multiple party accounts as determined by the terms of account contracts.
(b) The provisions of sections 22 through 27 of this chapter govern the liability and set-off rights of financial institutions that make payments under sections 22 through 27 of this chapter.
[Pre-2002 Recodification Citation: 32-4-1.5-2.]
As added by P.L.2-2002, SEC.2. Amended by P.L.143-2009, SEC.35.