Ask Reggi Your Question Now
Can you summarize FLCL 655.79?
FINANCIAL INSTITUTIONS GENERALLY > Deposits and accounts in two or more names; presumption as to vesting on death.
Short Summary
This section of the Florida Statutes governs the vesting of rights, title, interest, and claims in deposit accounts held in the names of two or more persons upon the death of any one of them. Unless otherwise specified in writing, the presumption is that upon the death of one account holder, all rights and interests in the account vest in the surviving person or persons. This presumption can only be overcome by proof of fraud, undue influence, or clear and convincing evidence of a contrary intent. The section also clarifies that deposit accounts held by married couples are considered a tenancy by the entirety, unless otherwise specified. The provisions of this section do not affect the validity or operation of other relevant statutes or the rights of financial institutions to make payments as provided in those statutes.
Whom does it apply to?
Financial institutions and individuals who open or maintain deposit accounts in the names of two or more persons.
What does it govern?
Deposits and accounts in two or more names; presumption as to vesting on death.
What are exemptions?
The presumption created in this section may be overcome by proof of fraud or undue influence or clear and convincing proof of a contrary intent.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Florida