1. Single-party or multiple-party accounts. An account may be for a single party or multiple parties. A multiple-party account may be with or without a right of survivorship between the parties. Subject to section 6-212, subsection 3, either a single-party account or a multiple-party account may have a POD designation, an agency designation or both.

[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]

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Terms Used In Maine Revised Statutes Title 18-C Sec. 6-203

  • Account: means a contract of deposit between a depositor and a financial institution and includes a checking account, savings account, certificate of deposit and share account. See Maine Revised Statutes Title 18-C Sec. 6-201
  • Multiple-party account: means an account payable on request to one or more of 2 or more parties, whether or not a right of survivorship is mentioned. See Maine Revised Statutes Title 18-C Sec. 6-201
  • Party: means a person who, by the terms of an account, has a present right, subject to request, to payment from the account other than as a beneficiary or agent. See Maine Revised Statutes Title 18-C Sec. 6-201
  • POD designation: means the designation of:
A. See Maine Revised Statutes Title 18-C Sec. 6-201
  • Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
    • 2. Accounts governed by this Part. An account established before, on or after September 1, 2019, whether in the form prescribed in section 6-204 or in any other form, is either a single-party account or a multiple-party account, with or without right of survivorship and with or without a POD designation or an agency designation, within the meaning of this Part and is governed by this Part.

    [PL 2019, c. 417, Pt. A, §102 (AMD).]

    SECTION HISTORY

    PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. A, §102 (AMD). PL 2019, c. 417, Pt. B, §14 (AFF).
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