CO Code § 11-105-105 (2021)
2021 Colorado Code|Title 11 - Financial Institutions|Article 105 - Banking Practices|Part 1 - General Provisions|§ 11-105-105. Joint Deposits - Right of Survivor

 Except as to accounts, which are defined in and which shall be paid as provided in article 15 of title 15, C.R.S., when a bank deposit in any bank transacting business in this state is made in the names of two or more persons payable to them or to any of them, such deposit, or any part thereof or interest thereon, may be paid to any one of said persons whether the others are living or not, and the receipt or acquittance of the person so paid shall be valid and sufficient discharge to the paying bank from all said persons and their heirs, executors, administrators, and assigns; such deposit shall be deemed, so far as the rights and liabilities of the bank are concerned, to be owned by said persons in joint tenancy with the right of survivorship, but the bank has the right of setoff against such deposit, to the extent thereof, to collect a debt owed to the bank by any joint depositor, which right shall not be affected by death.   History. Source: L. 2003: Entire article added with relocations, p. 1114, § 3, effective July 1.    Editor's note:   This section is similar to former § 11-6-105 as it existed prior to 2003.   ANNOTATION   Law reviews. For article, “Express Trusts in Colorado”, see 10 Rocky Mt. L. Rev. 9 (1937). For article, “Joint Tenancy in Colorado”, see 26 Dicta 313 (1949). For article, “Simple Devices for the Transfer of Assets Without Administration”, see 27 Dicta 277 (1950). For article, “Election to Take the Statutory Share”, see 29 Rocky Mt. L. Rev. 506 (1957). For article, “Setoff and Security Interests In Deposit Accounts”, see 17 Colo. Law. 2108 (1988).   Annotator's note. Since § 11-105-105 is similar to § 11-6-105 as it existed prior to the 2003 recodification of the “Colorado Banking Code”, articles 101 to 109 of title 11, and to repealed CSA, C. 18, § 45, relevant cases construing those provisions have been included in the annotations to this section.   At common law a deposit payable to one or more persons, with an express right of survivorship, established a joint tenancy, subject to certain exceptions where the apparent intent of the depositor might be rebutted. Houle v. McMillan, 83 Colo. 216 , 263 P. 409 (1928).   This section goes beyond the common law and expressly provides that a deposit in the names of two or more persons payable to them or to any of them shall be deemed to be owned by said persons in joint tenancy with the right of survivorship. Houle v. McMillan, 83 Colo. 216 , 263 P. 409 (1928).   The general assembly has preempted the field and declared the public policy with respect to the disposition of property held in joint tenancy. Smith v. Greenburg, 121 Colo. 417 , 218 P.2d 514 (1950).   This section is expressly limited by its terms to delineate rights and liabilities only as between a bank and its depositors. In re Estate of Beasley, 40 Colo. App. 347, 578 P.2d 662 (1978).   Rights are fixed and vested at time of creation of tenancy. In a joint tenancy the rights are fixed and vested in the joint tenants at the time of the creation of the joint tenancy under the statute. Smith v. Greenburg, 121 Colo. 417 , 218 P.2d 514 (1950).   Generally any joint owner may withdraw the entire balance. This section changes the usual law pertaining to joint ownership and provides that, in the case of joint bank accounts, any joint owner may withdraw for his own purposes the entire property. In re Estate of Lee v. Graber, 170 Colo. 419 , 462 P.2d 492 (1969).   Where property is held in joint tenancy under this section by a husband and wife and the husband kills his wife and commits suicide, the husband's estate is entitled to the entire property as there is no exception to prevent payment to a surviving tenant on account of his misconduct toward the tenant who has predeceased him. Smith v. Greenburg, 121 Colo. 417 , 218 P.2d 514 (1950).   Establishing a joint bank account providing for the right of survivorship does not constitute an inter vivos gift ipso facto. Albers v. Young, 119 Colo. 37 , 199 P.2d 890 (1948).   Nothing in this section prevents parties from making express contracts with relation to their several interests in moneys placed on deposit in their joint names. Urbancich v. Jersin, 123 Colo. 88 , 226 P.2d 316 (1950).   Property in joint account is subject to surrender by bank to satisfy IRS levy against individual depositor. Fair v. Wise, 753 P.2d 780 (Colo. App. 1987).   A bank has a statutory right to set off the funds of a joint deposit against a debt owed it by one of the depositors. Burgess v. First Nat'l Bank, 31 Colo. App. 67, 497 P.2d 1035 (1972); In re Estate of Sharpe v. Metro. Nat'l Bank, 31 Colo. App. 511, 503 P.2d 1043 (1972); Mancuso v. United Bank of Pueblo, 796 P.2d 7 (Colo. App. 1990), aff'd in part and rev'd in part on other grounds, 818 P.2d 732 (Colo. 1991).   Bank has no duty to inform depositor in joint tenancy account that it has right to set-off against entire amount of account for debt owed by just one of the depositors. Mancuso v. United Bank of Pueblo, 796 P.2d 7 (Colo. App. 1990), aff'd in part and rev'd in part on other grounds, 818 P.2d 732 (Colo. 1991).   No information given to bank about special needs of one depositor when joint account opened, so “special account” not established as a matter of law. Mancuso v. United Bank of Pueblo, 796 P.2d 7 (Colo. App. 1990), aff'd in part and rev'd in part on other grounds, 818 P.2d 732 (Colo. 1991).