(1) A joint account belongs, during the lifetime of all parties, to the parties in proportion to the net contributions by each to the sums on deposit, unless there is clear and convincing evidence of a different intent.
(2) A P.O.D. account belongs to the original payee during his lifetime and not to the P.O.D. payee or payees; if two (2) or more parties are named as original payees, during their lifetimes rights as between them are governed by subsection (1) of this section.
(3) Unless a contrary intent is manifested by the terms of the account or the deposit agreement or there is other clear and convincing evidence of an irrevocable trust, a trust account belongs beneficially to the trustee during his lifetime, and if two (2) or more parties are named as trustee on the account, during their lifetimes beneficial rights as between them are governed by subsection (1) of this section. If there is an irrevocable trust, the account belongs beneficially to the beneficiary. History: Created 1976 Ky. Acts ch. 218, sec. 28.
Notes of Decisions
Cited in
5
cases (
1 in the last 5 years), 1985–2023 · leading case:
Brown v. Commonwealth, 40 S.W.3d 873 (Ky. Ct. App. 1999).
Brown v. Commonwealth, 40 S.W.3d 873 (Ky. Ct. App. 1999).
· cites it 3× “KRS 391.310 provides in pertinent part as follows: (1) A joint account belongs, during the lifetime of all parties, to the parties in proportion to the net contributions "by each to the sums on deposit, unless there is clear and convincing evidence of a different intent.”
Herren v. Cochran, 697 S.W.2d 149 (Ky. Ct. App. 1985).
“KRS 391.310. However, when one party dies, sums remaining on deposit belong to the surviving party or parties as against the estate of the decedent unless there is clear and convincing evidence that something else was intended at the time the account was created.”
Pulliam v. Pulliam, 738 S.W.2d 846 (Ky. Ct. App. 1987).
“Thus, it is likely that had he acquired knowledge of the changes he would not have effectuated any difference in the ownership of the certificates.”
Donald Joe Sharp v. Samuel L. Sharp (Ky. Ct. App. 2023).
“Donald relies on KRS 391.310(1), which states that “[a] joint account belongs, during the lifetime of all parties, to the parties in proportion to the net contributions by each to the sums on deposit, unless there is clear and convincing evidence of a different intent.”
— Ky. Rev. Stat. § 391.310(1) — 2 cases
Donald Joe Sharp v. Samuel L. Sharp (Ky. Ct. App. 2023).
“Donald relies on KRS 391.310(1), which states that “[a] joint account belongs, during the lifetime of all parties, to the parties in proportion to the net contributions by each to the sums on deposit, unless there is clear and convincing evidence of a different intent.”
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