A financial institution, on request of an agent under an agency designation for an account, may pay to the agent sums on deposit in the account, whether or not a party has a disability, is incapacitated, or deceased when the request is made or received, and whether or not the authority of the agent terminates on the disability or incapacity of a party.
(Apr. 27, 2001, D.C. Law 13-292, § 302(b), 48 DCR 2087; Apr. 24, 2007, D.C. Law 16-305, § 33(d), 53 DCR 6198.)
D.C. Law 16-305 substituted “has a disability, is” for “is disabled”.
Uniform Law: This section is based upon § 224 of the Uniform Nonprobate Transfers on Death Act (1991 Act).
Structure District of Columbia Code
Title 19 - Descent, Distribution, and Trusts. [Enacted title]
Chapter 6 - Nonprobate Transfers on Death; Uniform Law
Subchapter II - Multiple-Person Accounts
Part C - Protection Of Financial Institutions
§ 19–602.21. Authority of financial institution
§ 19–602.22. Payment on multiple-party account
§ 19–602.23. Payment on POD designation