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524.6-207 RIGHTS OF CREDITORS.
No multiple-party account will be effective against an estate of a deceased party to transfer
to a survivor sums needed to pay debts, taxes, and expenses of administration, including statutory
allowances to the surviving spouse, minor children and dependent children or against the state
or a county agency with a claim authorized by section 256B.15, if other assets of the estate are
insufficient, to the extent the deceased party is the source of the funds or beneficial owner. A
surviving party or P.O.D. payee who receives payment from a multiple-party account after the
death of a deceased party shall be liable to account to the deceased party's personal representative
or the state or a county agency with a claim authorized by section 256B.15 for amounts the
decedent owned beneficially immediately before death to the extent necessary to discharge any
such claims and charges remaining unpaid after the application of the assets of the decedent's
estate. No proceeding to assert this liability shall be commenced by the personal representative
unless the personal representative has received a written demand by a surviving spouse, a creditor
or one acting for a minor dependent child of the decedent, and no proceeding shall be commenced
later than two years following the death of the decedent. Sums recovered by the personal
representative shall be administered as part of the decedent's estate. This section shall not affect
the right of a financial institution to make payment on multiple-party accounts according to the
terms thereof, or make it liable to the estate of a deceased party unless, before payment, the
institution has been served with process in a proceeding by the personal representative or the state
or a county agency with a claim authorized by section 256B.15, or has been presented by the state
or a county agency with a claim authorized by section 256B.15 with an affidavit pursuant to
section 524.3-1201. Upon being presented with such an affidavit, the financial institution shall
make payment of the multiple-party account to the affiant in an amount equal to the lesser of the
claim stated in the affidavit or the extent to which the affidavit identifies the decedent as the source
of funds or beneficial owner of the account.
History: 1973 c 619 s 8; 1985 c 292 s 16; 1994 c 472 s 63; 1995 c 207 art 2 s 35; 1997 c
217 art 2 s 19

Official Publication of the State of Minnesota
Revisor of Statutes