2003 Minnesota Statutes

     524.6-201 Definitions. 

    Subdivision 1.  As used in sections 524.6-201 to 524.6-214, 
 the terms defined in this section have the meanings given them. 

    Subd. 2.  "Account" means a contract of deposit of funds 
 between a depositor and a financial institution, and includes a 
 checking account, savings account, certificate of deposit, share 
 account and other like arrangement. 

    Subd. 3.  "Financial institution" means any organization 
 authorized to do business under state or federal laws relating 
 to financial institutions, including, without limitation, banks 
 and trust companies, savings banks, savings associations, and 
 credit unions. 

    Subd. 4.  "Joint account" means an account so designated, 
 and any account payable on request to one or more of two or more 
 parties and to the survivor of them. 

    Subd. 5.  A "multiple-party account" means a joint account 
 or a P.O.D. account.  It does not include accounts established 
 for deposit of funds of a partnership, joint venture, or other 
 association for business purposes, or accounts controlled by one 
 or more persons as the duly authorized agent or trustee for a 
 person, corporation, unincorporated association, charitable or 
 civic organization or a regular fiduciary or trust account where 
 the relationship is established other than by deposit agreement. 

    Subd. 6.  "Net contribution" of a party to a joint account 
 as of any given time is the sum of all deposits thereto made by 
 or for the party, less all withdrawals made by or for the party 
 which have not been paid to or applied to the use of any other 
 party, plus a pro rata share of any interest or dividends 
 included in the current balance.  The term includes any proceeds 
 of deposit life insurance added to the account by reason of the 
 death of the party whose net contribution is in question.  

    Subd. 7.  "Party" means a person who, by the terms of the 
 account, has a present right, subject to request, to payment 
 from a multiple-party account.  A P.O.D. payee is a party only 
 after the account becomes payable by reason of the payee 
 surviving the original party.  Unless the context otherwise 
 requires, it includes a guardian, conservator, personal 
 representative, or assignee, including an attaching creditor, of 
 a party.  It also includes a person identified as a trustee of 
 an account for another whether or not a beneficiary is named, 
 but it does not include any named beneficiary unless the 
 beneficiary has a present right of withdrawal.  

    Subd. 8.  "Payment" of sums on deposit includes withdrawal, 
 payment on check or other directive of a party, and any pledge 
 of sums on deposit by a party and any setoff, or reduction or 
 other disposition of all or part of an account pursuant to a 
 pledge.  

    Subd. 9.  "Proof of death" includes (a) a certified or 
 authenticated copy of a death record purporting to be issued by 
 an official or agency of the place where the death purportedly 
 occurred which shall be prima facie proof of the fact, place, 
 date and time of death and the identity of the decedent, (b) a 
 certified or authenticated copy of any record or report of any 
 governmental agency, domestic or foreign, that a person is dead 
 which shall be prima facie evidence of the fact, place, date and 
 time of death and the identity of the decedent.  

    Subd. 10.  "P.O.D. account" means an account payable on 
 request to one or more parties and on the death of the parties 
 to one or more P.O.D. payees.  The term also means an account in 
 the name of one or more parties as trustee for one or more 
 beneficiaries where the relationship is established by the form 
 of the account and the deposit agreement with the financial 
 institution and there is no subject of the trust other than the 
 sums on deposit in the account.  A P.O.D. account does not 
 include a trust account established under a testamentary trust 
 or inter vivos trust, or a fiduciary account arising from a 
 fiduciary relationship such as attorney-client.  

    Subd. 11.  "P.O.D. payee" means a person designated on a 
 P.O.D. account as one to whom the account is payable on request 
 after the death of one or more persons.  

    Subd. 12.  "Request" means a proper request for 
 withdrawals, or a check or order for payment, which complies 
 with all conditions of the account, including special 
 requirements concerning necessary signatures and regulations of 
 the financial institution; but if the financial institution 
 conditions withdrawal or payment on advance notice, for purposes 
 of this part the request for withdrawal or payment is treated as 
 immediately effective and a notice of intent to withdraw is 
 treated as a request for withdrawal.  

    Subd. 13.  "Sums on deposit" means the balance payable on a 
 multiple-party account including interest, dividends and, in 
 addition, any deposit life insurance proceeds added to the 
 account by reason of the death of a party.  

    Subd. 14.  "Withdrawal" includes payment to a third person 
 pursuant to check or other directive of a party.  

    HIST: 1973 c 619 s 2; 1985 c 292 s 9-11; 1986 c 444; 1987 c 
 384 art 2 s 1; 1994 c 472 s 63; 1995 c 202 art 1 s 25; 1Sp2001 c 
 9 art 15 s 32