§ 675. Joint deposits and shares; ownership and payment. (a) When a
deposit of cash, securities, or other property has been made or shall
hereafter be made in or with any banking organization or foreign banking
corporation transacting business in this state, or shares shall have
been already issued or shall be hereafter issued, in any savings and
loan association or credit union transacting business in this state, in
the name of such depositor or shareholder and another person and in form
to be paid or delivered to either, or the survivor of them, such deposit
or shares and any additions thereto made, by either of such persons,
after the making thereof, shall become the property of such persons as
joint tenants and the same, together with all additions and accruals
thereon, shall be held for the exclusive use of the persons so named,
and may be paid or delivered to either during the lifetime of both or to
the survivor after the death of one of them, and such payment or
delivery and the receipt or acquittance of the one to whom such payment
or delivery is made, shall be a valid and sufficient release and
discharge to the banking organization or foreign banking corporation for
all payments or deliveries made on account of such deposit or shares
prior to the receipt by the banking organization or foreign banking
corporation of notice in writing signed by any one of such joint
tenants, not to pay or deliver such deposit or shares and the additions
and accruals thereon in accordance with the terms thereof, and after
receipt of any such notice, the banking organization or foreign banking
corporation may require the receipt or acquittance of both such joint
tenants for any further payments or delivery.

(b) The making of such deposit or the issuance of such shares in such
form shall, in the absence of fraud or undue influence, be prima facie
evidence, in any action or proceeding to which the banking organization,
foreign banking corporation, surviving depositor or shareholder is a
party, of the intention of both depositors or shareholders to create a
joint tenancy and to vest title to such deposit or shares, and additions
and accruals thereon, in such survivor. The burden of proof in refuting
such prima facie evidence is upon the party or parties challenging the
title of the survivor.

(c) 1. The superintendent of financial services shall promulgate and
may from time to time amend rules and regulations which require that the
joint tenants of an account established on or after the date on which
the rule or regulation becomes effective and representing any deposit or
shares governed by the foregoing provisions of this section, shall, at
the time the account is established be informed of the terms and
conditions of the account including the relationship and consequences
between the parties in the account and the responsibilities of the
institution with which the account is established.

2. This subdivision or any rule or regulation thereunder shall not be
deemed or construed as increasing or diminishing the rights or liability
of any person, or other entity.