(1) Except as otherwise provided in this section, on death of a party sums on deposit in a multiple-party account belong to the surviving party or parties. If two or more parties survive and one is the surviving spouse of the decedent, the amount to which the decedent, immediately before death, was beneficially entitled under section 15-15-211 belongs to the surviving spouse. If two or more parties survive and none is the surviving spouse of the decedent, the amount to which the decedent, immediately before death, was beneficially entitled under section 15-15-211 belongs to the surviving parties in equal shares, and augments the proportion to which each survivor, immediately before the decedent's death, was beneficially entitled under section 15-15-211, and the right of survivorship continues between the surviving parties.
(2) In an account with a POD designation:
(a) On death of one of two or more parties, the rights in sums on deposit are governed by subsection (1).
(b) (I) On death of the sole party or the last survivor of two or more parties, sums on deposit belong to the surviving beneficiary or beneficiaries. If two or more beneficiaries survive, sums on deposit belong to them in such proportions as specified in the POD designation or, if the POD designation does not specify different proportions, in equal and undivided shares; and there is no right of survivorship in the event of death of a beneficiary thereafter.
(II) If there are two or more beneficiaries, and if any beneficiary fails to survive the sole party or the last survivor of two or more parties, sums on deposit belong to the surviving beneficiaries in proportion to their respective interests as beneficiaries under subparagraph (I) of this paragraph (b).
(III) If no beneficiary survives, sums on deposit belong to the estate of the last surviving party.
(IV) Neither the provisions of section 15-11-706 nor the provisions of any other anti- lapse statute apply to the disposition of an account with a POD designation.
(3) Sums on deposit in a single-party account without a POD designation, or in a multiple-party account that, by the terms of the account, is without right of survivorship, are not affected by death of a party, but the amount to which the decedent, immediately before death, was beneficially entitled under section 15-15-211 is transferred as part of the decedent's estate. A POD designation in a multiple-party account without right of survivorship is ineffective. For purposes of this section, designation of an account as a tenancy in common establishes that the account is without right of survivorship.
(4) The ownership right of a surviving party or beneficiary, or of the decedent's estate, in sums on deposit is subject to requests for payment made by a party before the party's death, whether paid by the financial institution before or after death, or unpaid. The surviving party or beneficiary, or the decedent's estate, is liable to the payee of an unpaid request for payment. The liability is limited to a proportionate share of the amount transferred under this section, to the extent necessary to discharge the request for payment.
(5) Sums remaining on deposit at the death of a party to a multiple-party account, which are not subject to a POD designation, belong to the surviving party or parties as against the estate of the decedent unless there is clear and convincing evidence of a different intention.
Source: L. 90: Entire article R&RE, p. 913, § 1, effective July 1. L. 91: (5) added, p. 1452, § 18, effective July 1. L. 2013: (2)(b) amended, (HB 13-1016), ch. 82, p. 265, § 1, effective March 29.
Editor's note: (1) This section is similar to former § 15-15-104 as it existed prior to 1990.
(2) Section 2 of chapter 82, Session Laws of Colorado 2013, provides that the act amending subsection (2)(b) applies to all accounts with a pay-on-death designation, whether created before, on, or after March 29, 2013.
Notes of Decisions
Cited in
8
cases (
2 in the last 5 years), 2016–2023 · leading case:
In re Est. of Owens, 2017 COA 53 (Colo. Ct. App. 2017).
In re Est. of Owens, 2017 COA 53 (Colo. Ct. App. 2017).
· cites it 2× “2016 (authorizing POD accounts); § 15-15-212(2), C.R.S. 2016 (explaining rights on death concerning POD accounts).”
of Treviño, 2020 COA 125 (Colo. Ct. App. 2020).
“§§ 15-15-212, -214, C.R.S. 2019; In re Estate of Owens, ¶ 11.”
Sandstead-Corona v. Sandstead—Implied Trusts—, 2018 CO 26 (Colo. 2018).
· cites it 3× “¶ 54 We are not persuaded otherwise by the division majority's conclusion that because the funds were in a multi-party account, they passed to Sandstead alone pursuant to section 15-15-212(1) and therefore, an implied trust was unwarranted.”
In re the Est. of Sandstead, 2016 COA 49 (Colo. Ct. App. 2016).
· cites it 9× “Section 15-15-212, C.R.S. 2015, provides that "on death of a party sums on deposit in a multiple-party account belong to the surviving party or parties.”
Sandstead v. Corona (In re Est. of Sandstead), 412 P.3d 799 (Colo. Ct. App. 2016).
· cites it 9× “belong to the surviving party or parties as against the estate of the decedent unless there is clear and convincing evidence of a different intention .”
In re the Est. of Sandstead, 2016 COA 49 (Colo. Ct. App. 2016).
· cites it 9× “Section 15-15-212, C.R.S. 2015, provides that "on death of a party sums on deposit in a multiple-party account belong to the surviving party or parties.”
Linton v. Embry (D. Colo. 2023).
· cites it 3× “) Pursuant to Colorado’s multi-party account statute, when one of the owners of a multiple-party bank account dies, the funds from the account generally do not become property of the decedent’s estate or subject to probate because, by operation of law, “on death of a party [to a…”
Linton v. Embry (D. Colo. 2023).
“] § 15-15-212;” and (2) “that the Wells Fargo Joint Ownership Accounts, pursuant to [Colo.”
Colo. Rev. Stat. § 15-15-212(1): 4 cases
Sandstead-Corona v. Sandstead—Implied Trusts—, 2018 CO 26 (Colo. 2018).
“¶ 54 We are not persuaded otherwise by the division majority's conclusion that because the funds were in a multi-party account, they passed to Sandstead alone pursuant to section 15-15-212(1) and therefore, an implied trust was unwarranted.”
In re the Est. of Sandstead, 2016 COA 49 (Colo. Ct. App. 2016).
“Section 15-15-212, C.R.S. 2015, provides that "on death of a party sums on deposit in a multiple-party account belong to the surviving party or parties.”
Sandstead v. Corona (In re Est. of Sandstead), 412 P.3d 799 (Colo. Ct. App. 2016).
“belong to the surviving party or parties as against the estate of the decedent unless there is clear and convincing evidence of a different intention .”
In re the Est. of Sandstead, 2016 COA 49 (Colo. Ct. App. 2016).
“Section 15-15-212, C.R.S. 2015, provides that "on death of a party sums on deposit in a multiple-party account belong to the surviving party or parties.”
Colo. Rev. Stat. § 15-15-212(2): 1 case
In re Est. of Owens, 2017 COA 53 (Colo. Ct. App. 2017).
“2016 (authorizing POD accounts); § 15-15-212(2), C.R.S. 2016 (explaining rights on death concerning POD accounts).”
Colo. Rev. Stat. § 15-15-212(5): 3 cases
In re the Est. of Sandstead, 2016 COA 49 (Colo. Ct. App. 2016).
“Section 15-15-212, C.R.S. 2015, provides that "on death of a party sums on deposit in a multiple-party account belong to the surviving party or parties.”
Sandstead v. Corona (In re Est. of Sandstead), 412 P.3d 799 (Colo. Ct. App. 2016).
“belong to the surviving party or parties as against the estate of the decedent unless there is clear and convincing evidence of a different intention .”
In re the Est. of Sandstead, 2016 COA 49 (Colo. Ct. App. 2016).
“Section 15-15-212, C.R.S. 2015, provides that "on death of a party sums on deposit in a multiple-party account belong to the surviving party or parties.”
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