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30-2724 Alteration of rights.

NE Code § 30-2724 (2019) (N/A)
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30-2724. Alteration of rights.

(a) Rights at death under section 30-2723 are determined by the type of account at the death of a party. The type of account may be altered by written notice given by a party to the financial institution to change the type of account or to stop or vary payment under the terms of the account. The notice must be signed by a party and received by the financial institution during the party's lifetime.

(b) A right of survivorship arising from the express terms of the account, section 30-2723, or a POD designation, may not be altered by will.

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The use of the word "may" in subsection (a) of this section grants a party the right to alter the type of account the party owns, but a party must give his or her financial institution signed written notice to exercise that right. Newman v. Thomas, 264 Neb. 801, 652 N.W.2d 565 (2002).

Under the current version of article 27 of the Nebraska Probate Code, signed written notice is required for transforming a non-pay-on-death, single-party account into a multiparty or pay-on-death account. Newman v. Thomas, 264 Neb. 801, 652 N.W.2d 565 (2002).

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30-2723 Rights at death.
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