Financial institutions may enter into multiple-party accounts to the same extent that they may enter into single-party accounts. Any multiple-party account may be paid, on request to any one (1) or more of the parties. A financial institution shall not be required to inquire as to the source of funds received for deposit to a multiple-party account, or to inquire as to the proposed application of any sum withdrawn from an account, for purposes of establishing net contributions.
KRS 391.330
Payment on signature of one party
Applied in 2 court decisions — leading case Farmers Bank & Trust Co. v. Brazell (1995)
Most recently applied in Farmers Bank & Trust Co. v. Brazell (February 1995)
History: Created 1976 Ky
Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.