Arkansas Code
Subchapter 2 - Powers and Duties of Financial Institutions Generally
§ 23-32-207. Deposits and withdrawals — Accounts and certificates of deposit in two or more names

Checking accounts and savings accounts may be opened and certificates of deposit may be issued by any federally or state-chartered savings and loan association, in the names of two (2) or more persons, either minor or adult, or a combination of minor and adult. Checking accounts, savings accounts, and certificates of deposit shall be held and payable as follows:
(1)
(A) Unless a written designation to the contrary is made to the federally or state-chartered savings and loan association, when a deposit has been made or a certificate of deposit purchased in the names of two (2) or more persons and in form to be paid to any of the persons so named, or the survivors of them, the deposit or certificate of deposit and any additions thereto made by any of the persons named in the account shall become the property of those persons as joint tenants with the right of survivorship.
(B) The deposit or certificate of deposit, together with all interest thereon, shall be held for the exclusive use of the persons so named and may be paid to any of those persons or to the survivors after the death of any of those persons. The payment shall be a valid and sufficient release and discharge of the federally or state-chartered savings and loan association for all payments made on account of the deposit or certificate of deposit;

(2)
(A) If the person opening the account or purchasing the certificate of deposit designates in writing to the federally or state-chartered savings and loan association that the account or the certificate of deposit is to be held in joint tenancy or in joint tenancy with right of survivorship, or that the account or certificate of deposit shall be payable to the survivor or survivors of the persons named in the account or certificate of deposit, then the account or certificate of deposit and all additions thereto shall be the property of those persons as joint tenants with right of survivorship.
(B) The account or certificate of deposit may be paid to or on the order of any one (1) of those persons during their lifetime unless a contrary written designation is given to the federally or state-chartered savings and loan association, or to or on the order of any one (1) of the survivors of them after the death of any one (1) or more of them.
(C) The opening of the account or the purchase of the certificate of deposit in this form shall be conclusive evidence in any action or proceeding to which either the federally or state-chartered savings and loan association or the surviving party is a party of the intention of all of the parties to the account or certificate of deposit to vest title to the account or certificate of deposit, and the additions thereto, in the survivor.
(D) The payment shall be a valid and sufficient release of the federally or state-chartered savings and loan association for all payments made on account of the deposit or certificate of deposit;

(3) If an account is opened or a certificate of deposit is purchased in the names of persons who denominate themselves to the federally or state-chartered savings and loan association as husband and wife, whether or not they are at that time husband and wife, then the account or certificate of deposit and all additions thereto shall be the property of those persons as tenants by the entirety. Upon the death of one (1) of those persons, the account shall be payable to the survivor;
(4)
(A) If persons open or hold an account or a certificate of deposit in a form indicating that the account or certificate of deposit is a tenants in common account or certificate of deposit, then the account or certificate of deposit and all additions thereto shall be the property of those persons as tenants in common. The federally or state-chartered savings and loan association, upon receipt of a specific written notice addressed to it of the death of either party, shall pay upon the written order of the survivor, to the survivor, his or her pro rata part of the account or certificate and to the estate of the deceased owner, the deceased's pro rata part of the account or certificate.
(B) However, the federally or state-chartered savings and loan association may pay the entire account or certificate of deposit and all additions thereto upon the receipt or acquittance of either party to the account or certificate, prior to receipt of a specific written notice of death, unless there has been filed with the federally or state-chartered savings and loan association a written designation that more than one (1) signature is required to deal with the account.
(C) In the absence of any written designation to the contrary filed with the federally or state-chartered savings and loan association, all tenants in common accounts shall be deemed to be owned pro rata by the persons named in the account;

(5) If an account is opened or a certificate of deposit is purchased in the name of two (2) or more persons, whether as joint tenants, tenants by the entirety, tenants in common, or otherwise, a federally or state-chartered savings and loan association shall pay withdrawal requests, accept pledges of the account or certificate of deposit, and otherwise deal in any manner with the account or certificate of deposit. This may be done upon the direction of any one (1) of the persons named therein, whether the other persons named in the account or certificate of deposit are living or not, unless one (1) of the persons named therein shall, by written instructions delivered to the federally or state-chartered savings and loan association, designate that the signature of more than one (1) person shall be required to deal with the account or certificate of deposit;
(6)
(A) If a person opens or holds an account or certificate of deposit in a form indicating that, on the death of the person named as holder, the account or certificate of deposit shall be paid to or held by another person, then the account or certificate of deposit and any balance thereof which exists from time to time shall be held as a payment on death account or certificate of deposit unless otherwise agreed between the person opening the account or purchasing the certificate of deposit and the federally or state-chartered savings and loan association.
(B) The payment shall be a valid and sufficient release and discharge of the federally or state-chartered savings and loan association for all payments made on account of the account or certificate of deposit;

(7) Upon the death of the holder of the account or certificate of deposit, the persons designated by him or her and who have survived him or her shall be the owners of the account or certificate as joint tenants with right of survivorship if more than one (1). Any payment made by the federally or state-chartered savings and loan association to any of those persons shall be a complete discharge of the federally or state-chartered savings and loan association as to the amount paid;
(8) No federally or state-chartered savings and loan association paying any survivor in accordance with the provisions of this section shall thereby be liable for any estate, inheritance, or succession taxes which may be due this state;
(9) During his or her lifetime, the person to whom such an account or certificate of deposit is issued may change the designation of any of the persons who are to be holders at his or her death, by a written direction accepted by the federally or state-chartered savings and loan association; and
(10) The terms “designate in writing”, “written designation”, “designate”, “designates”, “designation”, or “designated” shall not be construed to require that the depositor or purchaser affix his or her signature to an instrument.