7 LONG TITLE
8 General Description:
9 This bill amends provisions regarding the right of survivorship for a joint account.
10 Highlighted Provisions:
11 This bill:
12 ▸ amends Ŝ→ [
12a account at the time a party to
13 the account dies; and
14 ▸ makes technical and conforming changes.
15 Money Appropriated in this Bill:
17 Other Special Clauses:
19 Utah Code Sections Affected:
21 75-6-104, as last amended by Laws of Utah 1977, Chapter 194
23 Be it enacted by the Legislature of the state of Utah:
24 Section 1. Section 75-6-104 is amended to read:
25 75-6-104. Right of survivorship.
26 (1) (a) Sums remaining on deposit at the death of a party to a joint account belong to
27 the surviving party or parties as against the estate of the decedent unless there is clear and
28 convincing evidence of a different intention [
28a Ŝ→ (b) A financial institution may rely on the financial institution's records for a joint account
28b when distributing funds for the joint account in accordance with Subsection (1)(a). ←Ŝ
29 Ŝ→ [
29a , their respective ownerships during
30 lifetime shall be in proportion to their previous ownership interests under Section 75-6-103
31 augmented by an equal share for each survivor of any interest the decedent may have owned in
32 the account immediately before [
33 continues between the surviving parties.
34 (2) If the account is a P.O.D. account:
35 (a) [
36 remaining on deposit are governed by Subsection (1); or
37 (b) [
38 payees, any sums remaining on deposit belong to the P.O.D. payee or payees if surviving, or to
39 the survivor of them if one or more die before the original payee; if two or more P.O.D. payees
40 survive, there is no right of survivorship in event of death of a P.O.D. payee thereafter unless
41 the terms of the account or deposit agreement expressly provide for survivorship between
43 (3) If the account is a trust account:
44 (a) [
45 deposit are governed by Subsection (1); or
46 (b) [
47 remaining on deposit belong to the person or persons named as beneficiaries, if surviving, or to
48 the survivor of them if one or more die before the trustee, unless there is clear evidence of a
49 contrary intent; and if two or more beneficiaries survive, there is no right of survivorship in
50 event of death of any beneficiary thereafter unless the terms of the account or deposit
51 agreement expressly provide for survivorship between them.
52 (4) In other cases, the death of any party to a multiple-party account has no effect on
53 beneficial ownership of the account other than to transfer the rights of the decedent as part of
55 (5) A right of survivorship arising from the express terms of the account or under this
56 section, a beneficiary designation in a trust account, or a P.O.D. payee designation, cannot be
57 changed by will.