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Uniform Probate Code


Prepared by:
Ron Elwood, Supervising Attorney
Legal Services Advocacy Project

Chapter 36 (HF 19)
Amends Minn. Stat. §§ 524.6-201, subd. 7; 524.6-203; 524.6-204; and 524.6- 211
Adds Minn. Stat. §§ 524.6-201, subd. 2a; 524.213, subds. 3 and 4; 524.6-215; and 524.6-216
Effective August 1, 2013

A. New and Amended Definitions

1. Agent
Defines "agent" a person authorized to make account transactions for a party.
Adds Minn. Stat. § 524.6-201, subd. 2a

2. Party
Amends the definition of "party" to exclude an agent.
Amends Minn. Stat. §§ 524.6-201, subd. 7

Note: A party is defined as person having present right to payment from a multiple-party account.

B. Agency Designation
Authorizes the parties to a multiparty account to designate an agent if the designation: (1) is in a writing; and (2) signed by all parties to the account. Provides that, unless otherwise stated, the agent's authority survives disability and incapacity and continues until terminated by: (1) the party; (2) an attorney-in-fact; (3) a conservator; or (4) the death of the sole or last surviving party.
Adds Minn. Stat. § 524.6-215(a)-(c)

C. Agent's Interest in Account
Provides that an agent has no beneficial right to sums on deposit.
Amends Minn. Stat. § 524.6-203

D. Statutory Form
Creates statutory form for uniform single and multiparty accounts. Provides that, if the form is not used, the Minnesota Multiparty Accounts Act apply to the type of account that most nearly conforms to the depositor's intent.
Adds Minn. Stat. § 524.6-213, subd. 3 (statutory form)
Adds Minn. Stat. § 524.6-213, subd. 4 (where statutory form not used)

E. Indemnity of Financial Institutions

1. Right Not to Make Payment
Gives a financial institution the right, without liability, to refuse to make payments if the financial institution: (1) receives proper notice to withhold payments is received; or (2) has reason to believe that a dispute exists as to the rights of the parties.
Amends Minn. Stat. § 524.6-211

2. Liability if Improper Payments Made
Relieves a financial institution of liability for multiparty account transactions requested by an agent if: (1) the financial institution has no actual notice of either the agent's termination or the death of the sole party or last surviving party prior to completing the transaction; or (2) the agent's authority does not survive the disability or incapacity of all the parties, and the financial institution no actual notice of the disability or incapacity.
Adds Minn. Stat. § 524.6-215(d)