Indiana Code 32-17-11-6. “Net contribution” defined
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Sec. 6. As used in this chapter, “net contribution” of a party to a joint account as of any given time means the sum of:
(2) all withdrawals made by or for the party that have not been paid to or applied to the use of any other party; plus
(1) all deposits made by or for the party; minus
Terms Used In Indiana Code 32-17-11-6
- 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
(3) a pro rata share of any interest or dividends included in the current balance.
The term includes any proceeds of deposit life insurance added to the account by reason of the death of the party whose net contribution is in question.
[Pre-2002 Recodification Citation: 32-4-1.5-1(6).]
As added by P.L.2-2002, SEC.2.