New Jersey Administrative Code
Title 3 - BANKING
Chapter 1 - GENERAL PROVISIONS
Subchapter 12 - MULTIPLE PARTY DEPOSIT ACCOUNTS
Section 3:1-12.2 - Types of contracts
Universal Citation: NJ Admin Code 3:1-12.2
Current through Register Vol. 56, No. 18, September 16, 2024
(a) A financial institution may maintain different deposit contracts for "joint accounts," "P.O.D. accounts," and "trust accounts."
(b) Different contract forms should be used for any multiple party deposit account where the parties do not intend to create a right of survivorship.
(c) A single party contract with a power of attorney or formal trust is an acceptable form for parties who do not want present rights to the account for all parties, or who do not intend to create a right of survivorship, or who otherwise intend to create rights and obligations different from those created by the Act.
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