N.D. Cent. Code § 30.1-31-05

Current through 2023 Legislative Sessions

Section 30.1-31-05 - (6-204) Forms

1. A contract of deposit that contains provisions in substantially the following form establishes the type of account provided, and the account is governed by the provisions of sections 30.1-31-02 through 30.1-31-20 applicable to an account of that type:

UNIFORM SINGLE- OR MULTIPLE-PARTY ACCOUNT FORM PARTIES

[name one or more parties]:

OWNERSHIP [select one and initial]:

___ SINGLE-PARTY ACCOUNT

___ MULTIPLE-PARTY ACCOUNT

Parti es own account in proportion to net contributions unless there is clear and convincing evidence of a different intent.

RIGHTS AT DEATH [select one and initial]:

___ SINGLE-PARTY ACCOUNT

At death of party, ownership passes as part of party's estate.

___ SINGLE-PARTY ACCOUNT WITH P.O.D. (PAY ON DEATH)

DESIGNATION

[name one or more beneficiaries]:

_____________________ _____________________

At death of party, ownership passes to P.O.D. 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 P.O.D. (PAY ON DEATH) DESIGNATION

[name one or more beneficiaries]:

At death of last surviving party, ownership passes to P.O.D. 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 (POWER OF ATTORNEY) DESIGNATION [optional]

Agents may make account transactions for parties but have no ownership or rights at death unless named as P.O.D. beneficiaries.

[to add agency designation to account, name one or more agents]:

_____________________ _____________________

[select one and initial]:

___ AGENCY DESIGNATION SURVIVES DISABILITY OR INCAPACITY OF PARTIES

___ AGENCY DESIGNATION TERMINATES ON DISABILITY OR INCAPACITY OF PARTIES

2. A contract of deposit that does not contain provisions in substantially the form provided in subsection 1 is governed by sections 30.1-31-02 through 30.1-31-20 applicable to the type of account that most nearly conforms to the depositor's intent.

N.D.C.C. § 30.1-31-05