Without qualifying any other statutory right to setoff or lien and subject to any contractual provision, if a party to a multiple-party account is indebted to a financial institution, the financial institution has a right to setoff against the account in which the party has or had immediately before his death a present right of withdrawal. The amount of the account subject to setoff is that proportion to which the debtor is or was immediately before his death beneficially entitled and, in the absence of proof of net contributions, an equal share with all parties having present rights of withdrawal.
History. Code 1933, § 41A-3812, enacted by Ga. L. 1976, p. 1388, § 8.
Structure Georgia Code
Chapter 1 - Financial Institutions
Article 8 - Multiple-Party Accounts
§ 7-1-812. Ownership During Lifetime
§ 7-1-813. Rights of Survivorship
§ 7-1-814. Changing Terms of Account
§ 7-1-815. Survivorship Transfers Nontestamentary
§ 7-1-817. Financial Institution Protection — Payment From Joint Account After Death or Disability
§ 7-1-818. Financial Institution Protection — Payment of p.o.d. Account
§ 7-1-819. Financial Institution Protection — Payment of Trust Account
§ 7-1-821. Financial Institution Protection — Right to Setoff