2021 Colorado Code
Title 15 - Probate, Trusts, and Fiduciaries
Article 15 - Nonprobate Transfers on Death
Part 2 - Multiple-Person Accounts
§ 15-15-222. Payment on Multiple-Party Account
A financial institution, on request, may pay sums on deposit in a multiple-party account to:
- One or more of the parties, whether or not another party is disabled, incapacitated, or deceased when payment is requested and whether or not the party making the request survives another party; or
- The personal representative, if any, or, if there is none, the heirs or devisees of a deceased party if proof of death is presented to the financial institution showing that the deceased party was the survivor of all other persons named on the account either as a party or beneficiary, unless the account is without right of survivorship under section 15-15-212.
History. Source: L. 90: Entire article R&RE, p. 915, § 1, effective July 1.
Editor's note:
This section is similar to former § 15-15-109 as it existed prior to 1990.
ANNOTATIONSection does not address the duties of a financial institution that obtains a pledge of account funds for security for the personal debt of a person named on the account who it knows has access only as a fiduciary and not as a beneficial owner of account assets. When a financial institution has actual knowledge that an account holder is a fiduciary and not a beneficial owner of account assets, neither this section nor § 15-15-221 relieves the financial institution of duties imposed by the Uniform Probate Code, the Uniform Commercial Code, or the Uniform Fiduciary Law. Bryant v. Cmty. Choice Credit Union, 160 P.3d 266 (Colo. App. 2007).
