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2018 Code of Alabama
Title 5 - BANKS AND FINANCIAL INSTITUTIONS.
Chapter 24 - UNIFORM MULTIPLE-PERSON ACCOUNTS ACT.
Article 1 - Definitions and General Provisions.
Section 5-24-3 - Types of account; existing accounts.
Universal Citation: AL Code § 5-24-3 (2018)
Section 5-24-3Types 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 between the parties. Subject to subsection (c) of Section 5-24-12, either a single-party account or a multiple-party account may have a POD designation, an agency designation, or both.
(b) An account established before, on, or after March 1, 1998, whether in the form prescribed in Section 5-24-4 or in any other form, is either a single-party account or a multiple-party account, with or without right of survivorship, and with or without a POD designation or an agency designation, within the meaning of this chapter, and is governed by this chapter.
(Acts 1997, No. 97-644, p. 1177, §1.)
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