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Pennsylvania Statutes Title 7 P.S. Banks and Banking § 604. Joint deposits

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) An institution may receive deposits in an account in the names of two or more persons.

(b) Any such deposit account and all interest thereon may be paid in whole or part upon the check, order or receipt of:

(i) one or more of the depositors pursuant to an arrangement with the institution previously agreed upon by all of the depositors, even though one or more individuals named in the account may have:

(A) died and the institution may have received written notice of that fact, or

(B) become incompetent, unless such incompetence has been adjudicated by a court and written notice of the appointment of a guardian has been received by the institution and unless the arrangement agreed upon has no provision for payment of the account despite such notice;

(ii) the survivor of a husband and wife in the case of an account in their joint names, unless an arrangement with the institution provides otherwise; or

(iii) all of the depositors in any case not covered by clauses (i) and (ii) of this subsection.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 P.S. Banks and Banking § 604. Joint deposits - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-604/

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