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2023 Code of Alabama
Title 5 - Banks and Financial Institutions.
Chapter 24 - Uniform Multiple-Person Accounts Act.
Article 1 - Definitions and General Provisions.
Section 5-24-4 - Forms.
Universal Citation: AL Code § 5-24-4 (2023)
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 be governed by the provisions of this chapter applicable to an account of that type:
| UNIFORM SINGLE- OR MULTIPLE-PARTY |
| ACCOUNT FORM |
| PARTIES [Name One Or More Parties]: | |
| ___________________ | _________________ |
| OWNERSHIP | [Select One]: |
| ___________ | SINGLE-PARTY ACCOUNT |
| ___________ | MULTIPLE-PARTY ACCOUNT Parties own account during the lifetime of all parties in proportion to net contributions unless there is clear and convincing evidence of a different intent. |
| RIGHTS AT DEATH | [Select One]: |
| ___________ | SINGLE-PARTY ACCOUNT |
| At death of party, ownership passes as part of party's estate. | |
| ___________ | SINGLE-PARTY ACCOUNT WITH POD (PAY ON DEATH) DESIGNATION [Name One Or More Beneficiaries]: |
| _____________________ | _____________________ |
| At death of party, ownership passes to POD beneficiaries and is not part of party's estate. | |
| ___________ | MULTIPLE-PARTY ACCOUNT WITH RIGHT OF SURVIVORSHIP At death of party, ownership passes to surviving parties. |
| ___________ | MULTIPLE-PARTY ACCOUNT WITH RIGHT OF SURVIVORSHIP AND POD (PAY ON DEATH ) DESGINATION [Name One Or More Beneficiaries]: |
| ______________________ | ______________________ |
| At death of last surviving party, ownership passes to POD beneficiaries and is not part of last surviving party's estate. | |
| ___________ | MULTIPLE-PARTY ACCOUNT WITHOUT RIGHT OF SURVIVORSHIP |
| At death of party, deceased party's ownership passes as part of deceased party's estate. | |
| AGENCY DESIGNATION [Optional] | |
| Agents may make account transactions for parties but have no ownership or rights at death unless named as POD beneficiaries. | |
| [To Add Agency Designation To Account, Name One Or More Agents]: | |
| ______________ | ________________ |
| [Select One]: | |
| ___________ | AGENCY DESIGNATION SURVIVES DISABILITY OR INCAPACITY OF PARTIES |
| ___________ | AGENCY DESIGNATION TERMINATES ON DISABILITY OR INCAPACITY OF PARTIES |
(b) A contract of deposit that does not contain provisions in substantially the form provided in subsection (a) is governed by the provisions of this chapter applicable to the type of account that most nearly conforms to the depositor's intent as expressed in the contract of deposit.
(Acts 1997, No. 97-644, p. 1177, §1.)
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