Alabama Codes

Title 5 - Banks And Financial Institutions

Section 5-24-1 Definitions
In this chapter: (1) ACCOUNT means a contract of deposit between a depositor and a financial institution, and includes a checking account, savings account, ...
Section 5-24-2 Scope of chapter
This chapter does not apply to (1) an account established for a corporation, partnership, joint venture, other organization for a business purpose, an unincorporated ...
Section 5-24-3 Types of account; existing accounts
(a) An account may be for a single party or multiple parties. A multiple-party account may be with or without a right of survivorship ...
Section 5-24-4 Forms
(a) A contract of deposit may contain provisions in substantially the following form to establish the type of account provided, and the account shall ...
Section 5-24-5 Designation of agent
(a) By a signed writing, a party may designate one or more persons other than a party as his or her agent on an ...
Section 5-24-6 Applicability of chapter
The provisions of Article 2 concerning beneficial ownership as between parties or as between parties and beneficiaries apply only to controversies between those persons ...

Section 5-24-11 Ownership during lifetime
(a) In this section, "net contribution" of a party means the sum of all deposits to an account made by or for the party, ...
Section 5-24-12 Rights at death
(a) Except as otherwise provided in this chapter, on death of a party sums on deposit in a multiple-party account belong to the surviving ...
Section 5-24-13 Alteration of rights
(a) Rights at death under Section 5-24-12 are determined by the type of account at the death of a party. The type of account ...
Section 5-24-14 Accounts and transfers nontestamentary
Except as a consequence of, and to the extent directed by, Section 5-24-15, a transfer resulting from the application of Section 5-24-12 is effective ...
Section 5-24-15 Rights of creditors and others
(a) If other assets of the estate are insufficient, a transfer resulting from a right of survivorship or POD designation under this chapter is ...

Section 5-24-21 Authority of financial institution
A financial institution may enter into a contract of deposit for a multiple-party account to the same extent it may enter into a contract ...
Section 5-24-22 Payment on multiple-party account
A financial institution, on request, may pay sums on deposit in a multiple-party account to: (1) One or more of the parties, whether or ...
Section 5-24-23 Payment on POD designation
A financial institution, on request, may pay sums on deposit in an account with a POD designation to: (1) One or more of the ...
Section 5-24-24 Payment to designated agent
A financial institution, on request of an agent under an agency designation for an account, may pay to the agent sums on deposit in ...
Section 5-24-25 Payment to minor
If a financial institution is required or permitted to make payment pursuant to this chapter to a minor designated as a beneficiary, payment may ...
Section 5-24-26 Discharge
(a) Payment made pursuant to this chapter in accordance with the type of account discharges the financial institution from all claims for amounts so ...
Section 5-24-27 Set-off
Without qualifying any other statutory right to set-off or lien and subject to any contractual provision between a party and a financial institution, if ...

Section 5-24-31 Short title
This chapter may be cited as the Uniform Multiple-Person Accounts Act. ...
Section 5-24-32 Uniformity of application and construction
This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this ...
Section 5-24-33 Supplementary general principles of law applicable
Unless displaced by the particular provisions of this chapter, the principles of law and equity supplement its provisions. ...
Section 5-24-34 Transitional provisions
On March 1, 1998: (1) An act done before March 1, 1998, and any accrued right is not impaired by this chapter. If a ...