(a) A provision in an account agreement, as defined in § 1–204(b)(2) of the Financial Institutions Article, for a transfer on death is nontestamentary and shall be effective according to the provisions of § 1–204 of the Financial Institutions Article.
(b) Transfers pursuant to § 1–204 of the Financial Institutions Article are effective in the form and manner prescribed by that section and are not to be considered testamentary.