The following statements are presented as model forms only:
the language is not mandatory. The language used must accurately reflect the
intent of the Act and provide the information required by
3:1-12.4.
Joint Accounts
This is a joint account. Ownership of this account cannot be
changed by will.
Each party to this account has a present right to payment from
this account. Each party owns his/her net contribution to the account. In the
absence of proof of net contribution, and unless the parties have specifically
otherwise agreed, each party will own an equal share of this account. The
financial institution may make payment from this account, including payment of
the entire account balance, (i) pursuant to any statutory or common law right
of set off, levy, attachment or other valid legal process or court order,
relating to the interest of any one or more of the parties; and (ii) on request
to a trustee in bankruptcy, receiver in any state or Federal insolvency
proceeding, or other duly authorized insolvency representative of any one or
more of the parties. The financial institution is not required to determine net
contributions.
Upon the death of a party to this account:
(a) Where there is only one surviving party,
the entire account will belong to the survivor;
(b) Where there are two or more surviving
parties each party will continue to own his/her proportionate share. The
portion of the account owned by the deceased party will be shared equally by
the survivors.
P.O.D. Accounts
This account is a P.O.D. account. Ownership of this account
cannot be changed by will.
This account belongs to the party/parties to this account
during their lifetime and belongs to the payee/payees upon the death of all
parties. The payee/payees have no present right of withdrawal:
(a) Where there are two or more parties, each
party has right to payment from the account. Each party owns his/her net
contribution. In the absence of proof of net contribution, and unless the
parties have specifically otherwise agreed, each party will own an equal share
of the account during their lifetimes. Upon the death of a party, the surviving
party/parties will continue to own his/her proportionate share of the account.
The share owned by the deceased party will be shared equally by the surviving
party/parties. Upon the death of the sole surviving party, the account will
belong to the P.O.D. payee/payees;
(b) Where there are two or more P.O.D.
payee/payees, the account will belong to the payee/payees who survive all
parties. Unless otherwise specifically stated in the account by the
party/parties, each surviving P.O.D. payee will own an equal share of the
account. Unless specifically stated in the account by the party/parties, upon
the death of a surviving P.O.D. payee, the remaining P.O.D. payee/payees will
not own any portion of the deceased payee's share of the account.
(c) The financial institution may make
payment from this account, including payment of the entire account balance, (i)
pursuant to any statutory or common law right of set off, levy, attachment or
other valid legal process or court order, relating to the interest of any one
or more of the parties; and (ii) on request to a trustee in bankruptcy,
receiver in any state or Federal insolvency proceeding, or other duly
authorized insolvency representative of any one or more of the parties. The
financial institution is not required to determine net contributions.
Trust Accounts
This is a trust account. Ownership of this account cannot be
changed by will.
This account belongs to the trustee/trustees during their
lifetime of the trustee/trustees and belongs to the beneficiary/beneficiaries
upon death of all trustees.
(a) Where
there are two or more trustees, each trustee has a right to payment from the
account. Each trustee owns his/her net contribution. In the absence of proof of
net contribution and unless the trustees have specifically otherwise agreed,
each trustee will own an equal share of the account during his/her lifetime.
Upon the death of a trustee, the surviving trustee/trustees will continue to
own his/her proportionate share of the account. The share owned by the deceased
trustee will be shared equally by the surviving trustee/trustees. Upon the
death of the sole surviving trustee, the account will belong to the
beneficiary/beneficiaries;
(b)
Where there are two or more beneficiaries, the account belongs to the
beneficiary/beneficiaries who survive all the trustees. Unless otherwise
specifically stated in the account by the trustee/trustees, each surviving
beneficiary will own an equal share of the account. Unless specifically stated
in the account by the trustee/trustees, upon the death of a surviving
beneficiary, the remaining beneficiary/beneficiaries will not own any portion
of the deceased beneficiary's share of the account.
(c) The financial institution may make
payment from this account, including payment of the entire account balance, (i)
pursuant to any statutory or common law right of set off, levy, attachment or
other valid legal process or court order, relating to the interest of any one
or more of the parties; and (ii) on request to a trustee in bankruptcy,
receiver in any state or Federal insolvency proceeding, or other duly
authorized insolvency representative of any one or more of the parties. The
Financial institution is not required to determine net contributions.
