1. Form. A contract of deposit that contains provisions in substantially the following form establishes the type of account provided, and the account is governed by the provisions of this Part applicable to an account of that type.
UNIFORM SINGLE-PARTY OR MULTIPLE-PARTY ACCOUNT FORM

PARTIES [Name One or More Parties]:
…………………………………………….
…………………………………………….
OWNERSHIP [Select One and Initial]:
………………. SINGLE-PARTY ACCOUNT
………………. MULTIPLE-PARTY ACCOUNT

Parties own account in proportion to net contributions unless there is clear and convincing evidence of a different intent.

RIGHTS AT DEATH [Select One and Initial]:
………………. 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) DESIGNATION

[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 (POWER OF ATTORNEY) 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 and Initial]:
…………… AGENCY DESIGNATION SURVIVES DISABILITY OR INCAPACITY OF PARTIES
…………… AGENCY DESIGNATION TERMINATES ON DISABILITY OR INCAPACITY OF PARTIES

[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. 6-204

  • 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
  • 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.
  • 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
  • Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
2. Depositor’s intent. A contract of deposit that does not contain provisions in substantially the form provided in subsection 1 is governed by the provisions of this Part applicable to the type of account that most nearly conforms to the depositor’s intent.

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

SECTION HISTORY

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