1.1 	A bill for an act
1.2 	relating to probate; multiparty accounts; allowing agency designations in 
1.3 	certain situations;amending Minnesota Statutes 2012, sections 524.6-201, by 
1.4 	adding a subdivision; 524.6-203; 524.6-204; 524.6-211; 524.6-213, by adding 
1.5 	subdivisions; proposing coding for new law in Minnesota Statutes, chapter 524.
1.6 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.7 	Section 1. Minnesota Statutes 2012, section 524.6-201, is amended by adding a 
1.8 	subdivision to read:
1.9 		Subd. 2a.Agent. "Agent" means a person authorized to make account transactions 
1.10 	for a party.

1.11 	Sec. 2. Minnesota Statutes 2012, section 524.6-203, is amended to read:
1.12 	524.6-203 OWNERSHIP DURING LIFETIME.
1.13 	(a) A joint account belongs, during the lifetime of all parties, to the parties in 
1.14 	proportion to the net contributions by each to the sums on deposit, unless there is clear and 
1.15 	convincing evidence of a different intent.
1.16 	(b) A P.O.D. account belongs to the original purchasing or depositing party during 
1.17 	the party's lifetime and not to the P.O.D. payee or payees; if two or more parties are named 
1.18 	as original parties, during their lifetimes, rights as between them are governed by clause
1.19 	 paragraph (a).
1.20 	(c) An agent, acting in the agent's capacity, in an account with an agency designation 
1.21 	has no beneficial right to sums on deposit.

1.22 	Sec. 3. [524.6-2031] DESIGNATION OF AGENT.
2.1 	(a) By a writing signed by all parties, the parties may designate, as an agent of all 
2.2 	parties on an account, a person other than a party.
2.3 	(b) Unless the terms of an agency designation provide that the authority of the agent 
2.4 	terminates on disability or incapacity of a party, the agent's authority survives disability 
2.5 	and incapacity. The agent may act for a disabled or incapacitated party until the authority 
2.6 	of the agent is terminated by the party, an attorney-in-fact is appointed by the party, or a 
2.7 	conservator is appointed to protect the interests of a party.
2.8 	(c) Death of the sole party or last surviving party terminates the authority of an agent.
2.9 	(d) A financial institution, on request of an agent under an agency designation for an 
2.10 	account, may pay to the agent sums on deposit in the account, whether or not a party is 
2.11 	disabled, incapacitated, or deceased when the request is made or received, and whether or 
2.12 	not the authority of the agent terminates on the disability or incapacity of a party.

2.13 	Sec. 4. Minnesota Statutes 2012, section 524.6-204, is amended to read:
2.14 	524.6-204 RIGHT OF SURVIVORSHIP.
2.15 	(a) Sums remaining on deposit at the death of a party to a joint account belong to the 
2.16 	surviving party or parties as against the estate of the decedent unless: (1) there is clear and 
2.17 	convincing evidence of a different intention,; or (2) there is a different disposition made by 
2.18 	a valid will as herein provided, specifically referring to such account, as herein provided. 
2.19 	If there are two or more surviving parties, their respective ownerships during lifetime shall 
2.20 	be in proportion to their previous ownership interests under section 524.6-203 augmented 
2.21 	by an equal share for each survivor of any interest the decedent may have owned in the 
2.22 	account immediately before death; and the right of survivorship continues between the 
2.23 	surviving parties. The interest so determined is also the interest disposable by will.
2.24 	(b) If the account is a P.O.D. account, on the death of the original party or of the 
2.25 	survivor of two or more original parties, any sums remaining on deposit belong to the 
2.26 	P.O.D. payees if surviving, or to the survivor of them if one or more die before the 
2.27 	surviving original party; if two or more P.O.D. payees survive, there is no right of 
2.28 	survivorship in event of death of a P.O.D. payee thereafter unless the terms of the account 
2.29 	or deposit agreement expressly provide for survivorship between them.
2.30 	(c) In other cases, the death of any party to a multiple-party account has no effect 
2.31 	on beneficial ownership of the account other than to transfer the rights of the decedent 
2.32 	as part of the estate.
2.33 	(d) A right of survivorship arising from the express terms of the account, or under 
2.34 	this section, or under a P.O.D. payee designation, may be changed by specific reference by 
2.35 	will, but the terms of such will shall not be binding upon any financial institution unless 
3.1 	it has been given a notice in writing of a claim thereunder, in which event the deposit 
3.2 	shall remain undisbursed until an order has been made by the probate court adjudicating 
3.3 	the decedent's interest disposable by will.

3.4 	Sec. 5. Minnesota Statutes 2012, section 524.6-211, is amended to read:
3.5 	524.6-211 FINANCIAL INSTITUTION PROTECTION; DISCHARGE.
3.6 	Payment made pursuant to sections 524.6-208 to 524.6-210 discharges the financial 
3.7 	institution from all claims for amounts so paid whether or not the payment is consistent 
3.8 	with the beneficial ownership of the account as between parties, P.O.D. payees, or 
3.9 	beneficiaries by will or otherwise, or their successors. The protection here given does not 
3.10 	extend to payments made after a financial institution has received written notice from 
3.11 	any person entitled to request payment to the effect that withdrawals in accordance with 
3.12 	the terms of the account, including one having an agency designation, should not be 
3.13 	permitted, and the financial institution has had a reasonable opportunity to act on it when 
3.14 	the payment is made. Unless the notice is withdrawn by the person giving it, the successor 
3.15 	of any deceased party and all other parties entitled to payment must concur in any demand 
3.16 	for withdrawal if the financial institution is to be protected under this section. No other 
3.17 	notice or any other information shown to have been available to a financial institution shall 
3.18 	affect its right to the protection provided here. A financial institution that receives written 
3.19 	notice pursuant to this section or otherwise has reason to believe that a dispute exists as to 
3.20 	the rights of the parties may refuse, without liability, to make payments in accordance with 
3.21 	the terms of the account. The protection here provided shall not affect the rights of parties 
3.22 	in disputes between themselves or their successors concerning the beneficial ownership 
3.23 	of funds in, or withdrawn from, multiple-party accounts.

3.24 	Sec. 6. Minnesota Statutes 2012, section 524.6-213, is amended by adding a 
3.25 	subdivision to read:
3.26 		Subd. 3.Contract of deposit; sample form. A contract of deposit that contains 
3.27 	provisions in substantially the following form establishes the type of account provided, and 
3.28 	the account is governed by the provisions of this part applicable to an account of that type:
3.29 	UNIFORM SINGLE- OR MULTIPLE-PARTY ACCOUNT FORM

3.30	PARTIES [Name One Or More Parties]:

3.31	
........	........

3.32	OWNERSHIP [Select One And Initial]:
		
3.33	........
	SINGLE-PARTY ACCOUNT
		
3.34	........
	MULTIPLE-PARTY ACCOUNT
		
4.1
4.2			Parties own account in proportion to net contributions unless there is clear 
and convincing evidence of a different intent.

4.3	RIGHTS AT DEATH [Select One And Initial]:

4.4	........
	SINGLE-PARTY ACCOUNT
		
4.5			At death of party, ownership passes as part of party's estate.
	
4.6
4.7	........
	SINGLE-PARTY ACCOUNT WITH P.O.D. (PAYABLE ON DEATH) 
DESIGNATION
	
4.8			[Name One Or More Beneficiaries]:

4.9			........
	........

4.10
4.11			At death of party, ownership passes to P.O.D. beneficiaries and is not part 
of party's estate.
	
4.12	........
	MULTIPLE-PARTY ACCOUNT WITH RIGHT OF SURVIVORSHIP
	
4.13			At death of party, ownership passes to surviving parties.
	
4.14
4.15	........
	MULTIPLE-PARTY ACCOUNT WITH RIGHT OF SURVIVORSHIP AND 
P.O.D. (PAYABLE ON DEATH) DESIGNATION
	
4.16			[Name One Or More Beneficiaries]:

4.17			........
	........

4.18
4.19			At death of last surviving party, ownership passes to P.O.D. beneficiaries 
and is not part of last surviving party's estate.
	
4.20	........
	MULTIPLE-PARTY ACCOUNT WITHOUT RIGHT OF SURVIVORSHIP
	
4.21
4.22			At death of party, deceased party's ownership passes as part of deceased 
party's estate.
	
4.23	........
	AGENCY (POWER OF ATTORNEY) DESIGNATION [Optional]
	
4.24
4.25
4.26			Agents may make account transactions for parties but have no ownership 
or rights at death unless named as P.O.D. beneficiaries. [To Add Agency 
Designation To Account, Name One Or More Agents]:

4.27			........
	........

4.28	[Select One And Initial]:
		
4.29
4.30	........
	AGENCY DESIGNATION SURVIVES DISABILITY OR INCAPACITY 
OF PARTIES
	
4.31
4.32	........
	AGENCY DESIGNATION TERMINATES ON DISABILITY OR 
INCAPACITY OF PARTIES

4.33 	Sec. 7. Minnesota Statutes 2012, section 524.6-213, is amended by adding a 
4.34 	subdivision to read:
4.35 		Subd. 4.Contract of deposit; generally. A contract of deposit that does not 
4.36 	contain provisions in substantially the form provided in subdivision 3 is governed by 
4.37 	the provisions of this part applicable to the type of account that most nearly conforms 
4.38 	to the depositor's intent.