Nebraska Revised Statute 30-2722

Chapter 30 Section 2722

30-2722.

Ownership during lifetime.

(a) In this section, net contribution of a party means the sum of all deposits to an account made by or for the party, less all payments from the account made to or for the party which have not been paid to or applied to the use of another party and a proportionate share of any charges deducted from the account, plus a proportionate share of any interest or dividends earned, whether or not included in the current balance. The term includes deposit life insurance proceeds added to the account by reason of death of the party whose net contribution is in question.

(b) During the lifetime of all parties, an account belongs to the parties in proportion to the net contribution of each to the sums on deposit, unless there is clear and convincing evidence of a different intent. As between parties married to each other, in the absence of proof otherwise, the net contribution of each is presumed to be an equal amount.

(c) A beneficiary in an account having a POD designation has no right to sums on deposit during the lifetime of any party.

(d) An agent in an account with an agency designation has no beneficial right to sums on deposit.

Source

  • Laws 1993, LB 250, § 8.

Annotations

  • A gift by the owner from a payable-on-death account does not create a right of reimbursement in the payable-on-death beneficiary. In re Trust of Rosenberg, 273 Neb. 59, 727 N.W.2d 430 (2007).

  • A certificate of deposit in the names of multiple parties is a type of joint account. Peterson v. Peterson, 230 Neb. 479, 432 N.W.2d 231 (1988).

  • In view of the language of this section, clear and convincing evidence is required to sustain a finding of undue influence in effecting a change in the ownership of a joint account. Peterson v. Peterson, 230 Neb. 479, 432 N.W.2d 231 (1988).

  • Like testamentary devices, under this section the creation of a joint account, without more, accomplishes no present transfer of title to property. Peterson v. Peterson, 230 Neb. 479, 432 N.W.2d 231 (1988).

  • A joint account, during the lifetime of the parties, belongs to the parties in proportion to the net contributions by each to the account, unless there is clear and convincing evidence of other intent. Craig v. Hastings State Bank, 221 Neb. 746, 380 N.W.2d 618 (1986).

  • The exclusive method for altering the form of an existing joint account is by a signed written notice given by a party to the financial institution during the life of the party. Linehan v. First Nat. Bank of Gordon, 7 Neb. App. 54, 579 N.W.2d 157 (1998).

  • Pursuant to subsection (b) of this section, the placing of nonmarital funds in joint tenancy by the spouse owning such funds does not create a presumption of a gift. LaBenz v. LaBenz, 6 Neb. App. 491, 575 N.W.2d 161 (1998).