Section 45-6-221 - Authority of financial institution

A financial institution may enter into a contract of deposit for a multiple-party account to the same extent it may enter into a contract of deposit for a single-party account, and may provide for a POD designation and an agency designation in either a single-party account or a multiple-party account. A financial institution need not inquire as to the source of a deposit to an account or as to the proposed application of a payment from an account. History: 1978 Comp., § 45-6-221, enacted by Laws 1992, ch. 66, § 30.