03. Types of account; existing accounts. (a) An account may be for a single party or multiple parties. A multiple-party account may be with or without a right of survivorship between the parties. Subject to section § 19-602.12(c), either a single-party account or a multiple-party account may have a POD designation, an agency designation, or both. (b) An account established before, on, or after the effective date of this chapter [April 27, 2001], whether in the form prescribed in section 19-602.04 or in any other form, is either a single-party account or a multiple-party account, with or without right of survivorship, and with or without a POD designation or an agency designation, within the meaning of this subchapter, and is governed by this subchapter. (Apr. 27, 2001, D.C. Law 13-292, § 302(b), 48 DCR 2087.) Editor's Notes Uniform Law: This section is based upon § 203 of the Uniform Nonprobate Transfers on Death Act (1991 Act).
District of Columbia Legal Code