Title 7, Chapter 1, Section 810
As used in this article, the term:
(1) "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 arrangements.
(2) "Beneficiary" means a person named in a trust account as one
for whom a party to the account is named as trustee.
(3) "Financial institution" means a savings and loan association as defined in paragraph (31) of Code Section 7-1-4 or any financial institution as defined in paragraph (21) of Code Section 7-1-4.
(4) "Joint account" means an account payable on request to one or
more of two or more parties, whether or not mention is made of any
right of survivorship.
(5) "Multiple-party account" means any of the following types of
(A) A joint account;
(B) A P.O.D. account; or
(C) A trust account.
It does not include accounts established for deposit of funds of a
partnership, joint venture, or other association for business
purposes; accounts controlled by one or more persons as the duly
authorized agent or trustee for a corporation, unincorporated
association, or charitable or civic organization; or a regular
fiduciary or trust account where the relationship is established
other than by deposit agreement.
(6) "Net contribution" of a party to a multiple-party account as
of any given time means the sum of all deposits thereto made by or
for him, less all withdrawals made by or for him 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, in addition, any proceeds of deposit
life insurance added to the account by reason of the death of the
party whose net contribution is in question.
(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 or beneficiary of a trust
account is a party only after the account becomes payable to him
by reason of his surviving the original payee or trustee. 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 he has a present right of withdrawal.
(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.
(9) "Proof of death" includes a death certificate or official
record which is prima-facie proof of death.
(10) "P.O.D. account" means an account payable on request to one
person during his lifetime and on his death to one or more P.O.D.
payees or to one or more persons during their lifetimes and on the
death of all of them to one or more P.O.D. payees.
(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.
(12) "Request" means a proper request for withdrawal 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 article the request for
withdrawal or payment is treated as immediately effective and a
notice of intent to withdraw is treated as a request for
(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.
(14) "Trust account" 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; it is not essential that payment to the beneficiary be
mentioned in the deposit agreement. A trust account does not
include a regular trust account under a testamentary trust or a
trust agreement which has significance apart from the account or a
fiduciary account arising from a fiduciary relation such as
(15) "Withdrawal" includes payment to a third person pursuant to
check or other directive of a party.