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Can you summarize FLCL 655.78?
FINANCIAL INSTITUTIONS GENERALLY > Deposit accounts in two or more names.
Short Summary
This provision, found in the Florida Statutes under the section on Banks and Banking, applies to deposit accounts in the names of two or more persons. Unless otherwise specified in a contract or agreement, the account can be paid to any of the account holders or to the guardian of an incompetent account holder. The check or order for payment to any account holder or guardian is considered a valid release of the institution’s obligation for the transferred funds. Additionally, in the case of a credit union, a member can designate any person or persons to hold deposits in joint tenancy with the right of survivorship. However, certain restrictions apply to joint tenants who are not members in their own right. This provision does not mention any specific exemptions or penalties.
Whom does it apply to?
Financial institutions
What does it govern?
Deposit accounts in two or more names
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Florida