A financial institution may enter into a contract of deposit for a multiple-party account to the same extent 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.
(Apr. 27, 2001, D.C. Law 13-292, § 302(b), 48 DCR 2087.)
This section is referenced in § 26-801.
Uniform Law: This section is based upon § 221 of the Uniform Nonprobate Transfers on Death Act (1991 Act).
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