Sec. 16. (a) The provisions of sections 17, 18, and 19 of this chapter concerning beneficial ownership as between parties, or as between parties and beneficiaries of multiple party accounts:
(1) apply only to controversies between:
(A) the parties or the beneficiaries of multiple party accounts; and
(B) creditors and other successors of:
(i) the parties; or
(ii) the beneficiaries of multiple party accounts; and
(2) do not affect the power of withdrawal of the parties or the beneficiaries of multiple party accounts as determined by the terms of account contracts.
(b) The provisions of sections 22 through 27 of this chapter govern the liability and set-off rights of financial institutions that make payments under sections 22 through 27 of this chapter.