N.J.S.A. 17:16I-3 — Ownership as between parties and others; protection of financial institutions

17:16I-3. Ownership as between parties and others; protection of financial institutions The provisions of sections 4 to 6 concerning beneficial ownership as between parties, or as between parties and P.O.D. payees or beneficiaries of multiple-party accounts, are relevant only to controversies between these persons and their creditors and other successors, and have no bearing on the power of withdrawal of these persons as determined by the terms of account contracts. The provisions of sections 8 to 13 govern the liability of financial institutions who make payments pursuant thereto, and their setoff rights. L.1979, c. 491, s. 3.

This is the verbatim text of N.J.S.A. 17:16I-3, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.