Code of Alabama
Chapter 5A - Organization and Operation of Banks.
Section 5-5A-41 - Payment of Deposits Made in Names of Two Persons Upon Death of One; More Than Two Persons With Provision for Survivorship.

(a) Any deposit heretofore or hereafter made in any bank in the names of two or more persons payable to any of such persons, upon the death of either of said persons, may be paid by the bank to the survivors jointly, irrespective of whether or not:
(1) The form of the deposit or deposit contract contains any provision for survivorship;
(2) The funds deposited were the property of only one said person;
(3) There was at the time of making such deposit any intention on the part of the person making such deposit to vest the other with a present interest therein;
(4) Only one of said persons during their joint lives had the right to withdraw such deposit;
(5) There was any delivery of any bank book, account book, savings account book, certificate of deposit or other writing by the person making such deposit to the other of such persons; or
(6) Any other circumstances.
The bank in which such deposit is made may pay such deposit, or any part thereof or interest thereon, to either of said persons, or if one is dead, to the surviving of them, and such payment shall fully release and discharge the bank from all liability for any payment so made.
(b) The provisions of this section shall apply to savings accounts, checking accounts and certificates of deposit and shall also apply to any deposit made in the names of more than two persons where there is an express written provision for survivorship in the deposit contract.
(c) Nothing contained in this section shall be construed to prohibit the person making such deposit from withdrawing or collecting the same during his lifetime; nor shall anything contained in this section prohibit any person or persons making a deposit in the names of more than one person from providing for disposition of such deposit and interest thereon in a manner different from that provided above in this section, provided such different manner of disposition is expressly provided for in writing in the deposit contract.

Structure Code of Alabama

Code of Alabama

Title 5 - Banks and Financial Institutions.

Chapter 5A - Organization and Operation of Banks.

Section 5-5A-1 - Procedure for Incorporation - Application for Permit.

Section 5-5A-2 - Procedure for Incorporation - Notice of Intention to Incorporate.

Section 5-5A-3 - Procedure for Incorporation - Affidavit of Proposed Incorporators; Affidavit of Proposed Stockholders; Submission of Proposed Certificate of Incorporation; Disclosure to Stockholders.

Section 5-5A-4 - Procedure for Incorporation - Investigation as to Fitness of Stockholders and Executive Officers and Necessity for Banks.

Section 5-5A-5 - Procedure for Incorporation - Filing of Objections to Incorporation of Proposed Bank; Investigation of Objections.

Section 5-5A-6 - Procedure for Incorporation - Certificate of Superintendent of Banks Authorizing Filing of Certificate of Incorporation.

Section 5-5A-7 - Procedure for Incorporation - Filing and Recordation of Certificate of Incorporation.

Section 5-5A-8 - Procedure for Incorporation - Refusal to Permit Incorporation; Appeal From Refusal to Banking Board.

Section 5-5A-9 - Procedure for Incorporation - Judicial Review.

Section 5-5A-10 - Permit to Transact Business - Required.

Section 5-5A-11 - Permit to Transact Business - Examination; Issuance and Recordation of Permit.

Section 5-5A-12 - Membership in Federal Deposit Insurance Corporation, Etc.

Section 5-5A-13 - Filing Fee; Other Fees.

Section 5-5A-14 - Capital - Minimum Amount Required for Incorporation of Bank.

Section 5-5A-15 - Capital - Increase or Decrease.

Section 5-5A-16 - Issuance of Capital Notes and Debentures.

Section 5-5A-17 - Amendment of Certificate of Incorporation; Approval of Amended Certificate of Incorporation.

Section 5-5A-18 - Powers of Banks Generally.

Section 5-5A-18.1 - Banks and Trust Companies to Have Power of Federally Chartered or Regulated Financial Institution.

Section 5-5A-19 - Reserves.

Section 5-5A-20 - Branch Banks; Commercial Affiliates.

Section 5-5A-21 - Surplus; Restriction on Dividends.

Section 5-5A-22 - Limits of Indebtedness.

Section 5-5A-23 - Investments and Loans With Respect to Housing.

Section 5-5A-25 - Acceptance of Drafts or Bills of Exchange Arising From Transactions Involving Shipment of Goods - Authority.

Section 5-5A-26 - Acceptance of Drafts or Bills of Exchange Arising From Transactions Involving Shipment of Goods - Limitations.

Section 5-5A-27 - Loans Secured by Own Stock; Purchase of Own Stock; Ownership of Capital Stock of Other Banks.

Section 5-5A-28 - Pledge of Assets.

Section 5-5A-29 - Security Not Required When Deposits Insured.

Section 5-5A-30 - Transactions of Business on Legal Holidays; Use of Automated Teller Machine or Other Instrumentality, Transaction Fees, Disclosure; Limitation on Contractual Fee Restrictions, Intent of Limitation, Applicability.

Section 5-5A-31 - Liability for Transactions on Legal Holidays.

Section 5-5A-32 - Closing of Banks, etc., Permitted on One Business Day of Each Week.

Section 5-5A-33 - Bank to Pay Checks Drawn on It at Par.

Section 5-5A-35 - Agreements Between Principal and Sureties on Bond for Deposit of Money and Assets in Bank, Etc.

Section 5-5A-36 - Notice Upon Maturity of Certificate of Deposit Issued for More Than 90 Days.

Section 5-5A-37 - Rights of Minors.

Section 5-5A-38 - Disposition of Small Deposits of Deceased Person - to Whom Payable; When Bond Required.

Section 5-5A-39 - Disposition of Small Deposits of Deceased Person - Time for Payment; When Payment Prohibited.

Section 5-5A-40 - Disposition of Deposit in Trust for Another Upon Death of Trustee.

Section 5-5A-41 - Payment of Deposits Made in Names of Two Persons Upon Death of One; More Than Two Persons With Provision for Survivorship.

Section 5-5A-42 - Adverse Claims to Deposits.

Section 5-5A-43 - Disclosure of Customer Financial Records.

Section 5-5A-44 - Acquisition of Majority of Voting Shares of a Bank; Procedure.

Section 5-5A-45 - Initiation of Run on Banks, Etc.

Section 5-5A-46 - False, etc., Statements, etc., Affecting Financial Standing of Bank.

Section 5-5A-47 - Liability of Directors or Officers; Enforcement Powers of Superintendent.