Sunday, November 22, 2009
Terry W. Wood (lawyer, Beaumont, Texas) has published his article entitled Survivor, No Survivor-Financial Institution Liability for Defective Survivorship Agreements, The Advocate, Fall 2009, at 36.
The following is an excerpt from the beginning of the article:
Everyone knows the past year has been a dangerous time for financial institutions due in large part to their own acts, mismanagement and mistake. On a smaller scale, what dangers exist for financial institutions arising out of defective or nonexistent survivorship and pay on death (P.O.D.) accounts?
In order to understand financial institutions' liability for defective (or nonexistent) survivorship and P.O.D. accounts, it is necessary to understand Texas law on multi-party accounts.