Indiana Code 32-17-11-8. “Payment” defined
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Sec. 8. As used in this chapter, “payment” of sums on deposit includes the following:
(2) Payment on check or other directive of a party.
(1) Withdrawal.
Terms Used In Indiana Code 32-17-11-8
- 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
- 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
- withdrawal: includes payment to a third person pursuant to a check or other directive of a party. See Indiana Code 32-17-11-15
(3) Any pledge of sums on deposit by a party.
(4) Any set-off, reduction, or other disposition of all or part of any account pursuant to a pledge.
[Pre-2002 Recodification Citation: 32-4-1.5-1(8).]
As added by P.L.2-2002, SEC.2.