(1) 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 72-6-212 (3), either a single-party account or a multiple-party account may have a POD designation, an agency designation, or both.
(2) An account established before, on, or after October 1, 1993, whether in the form prescribed in 72-6-204 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 part, and is governed by this part.