Olson Burns Lee, P.C. Law Practice

November-December_2007

Page 1

Welcome to the on-line
November-December_2007 issue of the
Community Bankers' Advisor
. . . . . . . . . . .

The Advisor is prepared by attorneys at Olson & Burns P.C. to provide information pertaining to legal developments affecting the field of banking. In order to accomplish this objective, we welcome any comments our readers have regarding the content and format of this publication. Please address your comments to:

Community Bankers' Advisor
c/o Olson & Burns P.C.
PO Box 1180
Minot, ND 58702-1180

olsonpc@minotlaw.com

Also, visit our web site at:
www.minotlaw.com

The attorneys at Olson & Burns represent a wide range of clients in the financial and commercial areas. Our attorneys represent more than 30 banks throughout North Dakota.

November/December, 2007

YOU ARE ASKING . . . .

Q: We have a customer who insists that our bank style the account that he wants to open as one with him as the sole owner of the account (single party account) and the spouse as one with "right of survivorship", rather than naming her POD. We normally use POD, so can we do this? Our software only has the Rights at Death “survivor” choices of “single party account with pay on death” or “multiple party account with right of survivorship.” Does it matter under the law?

A: The allowable account ownership designations are defined by N.D.C.C. § 30.1-31-05(1), in the nonprobate transfers on death chapter. The designations listed are: Single-Party Account (at death

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