Colorado Revised Statutes

Colo. Rev. Stat. § 15-15-221 (2026)

Authority of financial institution

✓ current as of July 2026

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A financial institution may enter into a contract of deposit for a multiple-party account to the same extent it may enter into a contract of deposit for a single-party account, and may provide for a POD designation and an agency designation in either a single-party account or a multiple-party account. A financial institution need not inquire as to the source of a deposit to an account or as to the proposed application of a payment from an account.

Source: L. 90: Entire article R&RE, p. 915, § 1, effective July 1.

Editor's note: This section is similar to former § 15-15-108 as it existed prior to 1990.

Notes of Decisions

Cited in 1 case, 2007–2007 · leading case: Bryant v. Cmty. Choice Credit Union, 160 P.3d 266 (Colo. Ct. App. 2007).

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Bryant v. Cmty. Choice Credit Union, 160 P.3d 266 (Colo. Ct. App. 2007). · cites it 19× “The trial court concluded, among other things, that, in accordance with §§ 15-15-221 and 15-15-222, the credit union owed no duty to Nichols with regard to Lynch's use of the funds in the account.”

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