A financial institution, on request, may pay sums on deposit in an account with a POD designation:

1. (1) to one or more of the parties, whether or not another party is disabled, incapacitated, or deceased when the payment is requested and whether or not a party survives another party;
2. (2) to the beneficiary or beneficiaries, if proof of death is presented to the financial institution showing that the beneficiary or beneficiaries survived all persons named as parties;
3. (3) to the personal representative 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; or
4. (4) in accordance with a court order directing the payment of the sums on deposit.

HISTORY: 1986 Act No. 539, SECTION 1; 1987 Act No. 171, SECTION 74; 1976 Code SECTION 62-6-110; 2013 Act No. 100, SECTION 2, eff January 1, 2014.