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Chapter 524
Section 524.6-204
Topics
Recent History
- 2013 524.6-204 Amended 2013 c 36 s 5
This is an historical version of this statute chapter. Also view the most recent published version.
524.6-204 RIGHT OF SURVIVORSHIP.
(a) Sums remaining on deposit at the death of a party to a joint account belong to the surviving
party or parties as against the estate of the decedent unless there is clear and convincing evidence
of a different intention, or there is a different disposition made by a valid will as herein provided,
specifically referring to such account. If there are two or more surviving parties, their respective
ownerships during lifetime shall be in proportion to their previous ownership interests under
section 524.6-203 augmented by an equal share for each survivor of any interest the decedent
may have owned in the account immediately before death; and the right of survivorship continues
between the surviving parties. The interest so determined is also the interest disposable by will.
(b) If the account is a P.O.D. account, on the death of the original party or of the survivor
of two or more original parties, any sums remaining on deposit belong to the P.O.D. payees if
surviving, or to the survivor of them if one or more die before the surviving original party; if two
or more P.O.D. payees survive, there is no right of survivorship in event of death of a P.O.D.
payee thereafter unless the terms of the account or deposit agreement expressly provide for
survivorship between them.
(c) In other cases, the death of any party to a multiple-party account has no effect on beneficial
ownership of the account other than to transfer the rights of the decedent as part of the estate.
(d) A right of survivorship arising from the express terms of the account, or under this section,
or under a P.O.D. payee designation, may be changed by specific reference by will, but the terms
of such will shall not be binding upon any financial institution unless it has been given a notice in
writing of a claim thereunder, in which event the deposit shall remain undisbursed until an order
has been made by the probate court adjudicating the decedent's interest disposable by will.
History: 1973 c 619 s 5; 1985 c 292 s 13; 1994 c 472 s 63
(a) Sums remaining on deposit at the death of a party to a joint account belong to the surviving
party or parties as against the estate of the decedent unless there is clear and convincing evidence
of a different intention, or there is a different disposition made by a valid will as herein provided,
specifically referring to such account. If there are two or more surviving parties, their respective
ownerships during lifetime shall be in proportion to their previous ownership interests under
section 524.6-203 augmented by an equal share for each survivor of any interest the decedent
may have owned in the account immediately before death; and the right of survivorship continues
between the surviving parties. The interest so determined is also the interest disposable by will.
(b) If the account is a P.O.D. account, on the death of the original party or of the survivor
of two or more original parties, any sums remaining on deposit belong to the P.O.D. payees if
surviving, or to the survivor of them if one or more die before the surviving original party; if two
or more P.O.D. payees survive, there is no right of survivorship in event of death of a P.O.D.
payee thereafter unless the terms of the account or deposit agreement expressly provide for
survivorship between them.
(c) In other cases, the death of any party to a multiple-party account has no effect on beneficial
ownership of the account other than to transfer the rights of the decedent as part of the estate.
(d) A right of survivorship arising from the express terms of the account, or under this section,
or under a P.O.D. payee designation, may be changed by specific reference by will, but the terms
of such will shall not be binding upon any financial institution unless it has been given a notice in
writing of a claim thereunder, in which event the deposit shall remain undisbursed until an order
has been made by the probate court adjudicating the decedent's interest disposable by will.
History: 1973 c 619 s 5; 1985 c 292 s 13; 1994 c 472 s 63
Official Publication of the State of Minnesota
Revisor of Statutes