Maine Revised Statutes Title 18-C Sec. 6-221 – Authority of financial institution
Current as of: 2023 | Check for updates
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Terms Used In Maine Revised Statutes Title 18-C Sec. 6-221
- 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.
- Financial institution: means an organization authorized to do business under state or federal laws relating to financial institutions and includes a bank, trust company, savings bank, building and loan association, savings and loan company or association and credit union. 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
- POD designation: means the designation of:
A financial institution may enter into a contract of deposit for a multiple-party account to the same extent as it may enter into a contract of deposit for a single-party account, and may provide for a POD designation and an agency designation in either a single-party account or a multiple-party account. A financial institution need not inquire as to the source of a deposit to an account or as to the proposed application of a payment from an account. [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).