A natural person, adult or minor, referred to in sections 2131.10 and 2131.11 of the Revised Code as the owner, may enter into a written contract with any bank, building and loan or savings and loan association, credit union, or society for savings, authorized to receive money on an investment share certificate, share account, deposit, or stock deposit, and transacting business in this state, whereby the proceeds of the owner's investment share certificate, share account, deposit, or stock deposit may be made payable on the death of the owner to another person or to any entity or organization, referred to in such sections as the beneficiary, notwithstanding any provisions to the contrary in Chapter 2107. of the Revised Code. In creating such accounts, "payable on death" or "payable on the death of" may be abbreviated to "P.O.D."
Every contract of an investment share certificate, share account, deposit, or stock deposit authorized by this section shall be deemed to contain a right on the part of the owner during the owner's lifetime both to withdraw the proceeds of such investment share certificate, share account, deposit, or stock deposit, in whole or in part, as though no beneficiary has been named, and to designate a change in beneficiary. The interest of the beneficiary shall be deemed not to vest until the death of the owner.
No change in the designation of the beneficiary shall be valid unless executed in the form and manner prescribed by the bank, building and loan or savings and loan association, credit union, or society for savings.
Notes of Decisions
Cited in 17
cases (1 in the last 5 years), 1968–2022 · leading case: Giurbino v. Giurbino, 626 N.E.2d 1017 (Ohio Ct. App. 8th Dist. 1993).
Giurbino v. Giurbino, 626 N.E.2d 1017 (Ohio Ct. App. 8th Dist. 1993). · cites it 6ד” I In appellant’s first assignment of error, appellant argues that the judgment is contrary to R.C. 2131.10 and 1107.08(B). Appellant contends that because First Federal’s signature card changing the instant savings account to a P.”
Est. of Kinsey v. Janes, 613 N.E.2d 686 (Ohio Ct. App. 10th Dist. 1992). · cites it 25דOn November 13, 1990, the beneficiaries brought third-party claims against Citizens, Buckeye and TransOhio. Thereafter, by agreement, the issue of the proper disposition of the proceeds of the POD accounts was submitted to the trial court.”
Est. of Tonsic, 235 N.E.2d 239 (Ohio Ct. App. 9th Dist. 1968). · cites it 9דWe do have, in this case, a comparatively new provision of the probate and banking law, designated “Deposits Payable on Death,” Sections 2131.10 and 2131.-11, Revised Code.”
Friedrich v. BancOhio Nat'l Bank, 470 N.E.2d 467 (Ohio Ct. App. 12th Dist. 1984). · cites it 4דR.C. 2131.10 and 2131.11 were adopted by the General Assembly with the apparent intention of recognizing in Ohio the use of a deposit in a financial institution known as a “tentative trust” or a “Totten trust.”
Jamison v. Soc'y Nat'l Bank, 611 N.E.2d 307 (Ohio 1993). · cites it 3דR.C. 2131.10. 1 Appellant attempts to analogize the creation of a P.”
Wingate v. Hordge, 396 N.E.2d 770 (Ohio 1979). “10 provides, in pertinent part: “A natural person, adult or minor, referred to in sections 2131.10 and 2131.11 of the Revised Code as the owner, may enter into a written contract with any bank, building and loan *58 or savings and loan association, credit union, or society for…”
Taylor v. First Nat'l Bank of Cincinnati, 508 N.E.2d 1006 (Ohio Ct. App. 1st Dist. 1986). · cites it 2ד” Pursuant to R.C. 2131.10, the interest of a beneficiary to a payable-on-death account vests upon the death of the depositor.”
Thomas v. Delgado, 2022-Ohio-4235, 201 N.E.3d 1021. “See also Estate of Eyrich, 2016-Ohio-7165 , at ¶ 23 (stating that “[a] payable on death account is * * * created by a written contract”); R.C. 2131.10. “‘The depositor of a payable-on- death * * * account retains her rights to ownership and full control of such account during…”
Powell v. City Nat'l Bank & Trust Co., 440 N.E.2d 560 (Ohio Ct. App. 10th Dist. 1981). · cites it 13ד” R.C. 2131.10, part of the probate code, reads, in pertinent part, as follows: “A natural person * * * referred to in sections 2131.”
In re Est. of Boone, 2010-Ohio-6269, 944 N.E.2d 307. “Citing R.C. 2131.10, which deals in part with POD accounts, the court noted that the owner of any such account retains the right to withdraw the funds as though no beneficiary had been designated.”
Witt v. Ward, 573 N.E.2d 201 (Ohio Ct. App. 12th Dist. 1989). “R.C. 2131.10 requires a written contract in order to establish a P.”
LeBlanc v. Wells Fargo Advisors, L.L.C., 2011-Ohio-5553, 962 N.E.2d 872. “But the POD account statute applies only to a “bank, building and loan or savings and loan association, credit union, or society for savings.”
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