Section 15-15-227 - Set-off

Without qualifying any other statutory right to set-off or lien and subject to any contractual provision, if a party is indebted to a financial institution, the financial institution has a right to set-off against the account. The amount of the account subject to set-off is the proportion to which the party is, or immediately before death was, beneficially entitled under section 15-15-211 or, in the absence of proof of that proportion, an equal share with all parties.L. 90: Entire article R&RE, p. 916, § 1, effective July 1.This section is similar to former § 15-15-113 as it existed prior to 1990.