Uniform Multiple-Person Accounts Act Law and Legal Definition

The Uniform Law Commissioners promulgated the Uniform Multiple-Person Accounts Act in 1969. It was later revised in 1989. The Act updates the law on multiple party accounts and make them easier to use. It encourages banks and credit unions to offer POD (pay on death) and agency (convenience) account forms for use by persons desiring some, but not all, incidents of joint accounts. Where the Uniform Probate Code is in force, this act may be codified in Article VI (as part 2) of the Uniform Probate Code.

The 1989 version is adopted by Alaska, Arizona, Colorado, District of Columbia, Montana, Nebraska, New Mexico, North Dakota and South Dakota. The Act was introduced in Minnesota and Virgin Islands in the year 2010.