GA Code § 7-1-812 (2021)
2021 Georgia Code|Title 7 - Banking and Finance|Chapter 1 - Financial Institutions|Article 8 - Multiple-Party Accounts|§ 7-1-812. Ownership During Lifetime

  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.   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 or more parties are named as original payees, during their lifetimes the account belongs to them in proportion to the net contributions by each to the sums on deposit, unless there is clear and convincing evidence of a different intent.   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 or more parties are named as trustee on the account, during their lifetimes the account belongs to them in proportion to the net contributions by each to the sums on deposit, unless there is clear and convincing evidence of a different intent. If there is an irrevocable trust, the account belongs beneficially to the beneficiary.    (Code 1933, § 41A-3803, enacted by Ga. L. 1976, p. 1388, § 8.)   Cross references.   - Joint tenancy with survivorship generally, § 44-6-190.   Law reviews.   - For article, "Wills, Trusts & Administration of Estates," see 53 Mercer L. Rev. 499 (2001).   JUDICIAL DECISIONS   Editor's notes.   - In light of the similarity of the statutory provisions, decisions under former Code 1933, § 13-2039 have been included in the annotations for this Code section.   Use in determining breach of duty of financial institution.    - Although the provisions of O.C.G.A. §§ 7-1-812 through7-1-814 do not apply in disputes involving financial institutions and their customers concerning whether a party can properly withdraw funds in compliance with the terms of the applicable account contract, these sections may be considered in determining whether there has been a breach of the duty owed by financial institutions to properly handle transactions for their customers. Tucker Fed. Sav. & Loan Ass'n v. Rawlins, 209 Ga. App. 649, 434 S.E.2d 94 (1993).    Two parties having joint control of an account  does not make deposits therein a gift from one to the other when there was no relinquishment of dominion by the original depositor such as would create a gift in presenti. Georgia Sav. Bank & Trust Co. v. Sims, 332 F. Supp. 1306 (N.D. Ga. 1971) (decided under former Code 1933, § 13-2039).    O.C.G.A. § 7-1-812 created a presumption that a party funding a joint account did not intend to make a gift of the funds of the account during the funder's life, and that presumption was subject to rebuttal only by clear and convincing evidence of a contrary intent. Caldwell v. Walraven, 268 Ga. 444, 490 S.E.2d 384 (1997).    Trial court correctly ruled that proceeds from jointly held CDs cashed in by daughters belonged entirely to their mother, since the daughters admitted to making no contributions to the CDs, no evidence whatsoever was presented of any other intent, and all the parties to the original CDs were still living, including the mother. Parker v. Kennon, 242 Ga. App. 627, 530 S.E.2d 527 (2000).    Trial court erred to the extent the court applied the presumption in O.C.G.A. § 7-1-813(a) to funds which the executors withdrew from the original joint accounts and placed in accounts solely in their name because to the extent the executors took funds in excess of their ownership from a joint account containing funds owned by two beneficiaries and placed those funds in an account in their name, the executors severed the joint account relationship and extinguished the presumption that the funds belonged to them. Shirley v. Sailors, 329 Ga. App. 850, 766 S.E.2d 201 (2014).    Social Security benefits retain character as such, remaining exempt from garnishment, though deposited in a joint account. Anderson v. First Nat'l Bank, 151 Ga. App. 573, 260 S.E.2d 501 (1979).   Intent of parties in making deposits.    - In a dispute over a joint account created by a father, mother, and daughter, although only the father made contributions to the account, the daughter's contributions could include deposits made by him for her; because some evidence indicated an intent that the money would belong to the daughter, the trial court erred by concluding that all of the funds belonged to the mother after the father's death. Howard v. Leonard, 330 Ga. App. 331, 765 S.E.2d 466 (2014).   Presumption not overcome.   - Viewed in conjunction with everything presented to the court, the trustee's evidence did not clearly lead to the conclusion that the claimant intended to make a voluntary transfer of the claimant's property to the debtor. Therefore, the trustee failed to overcome the presumption that the funds belonged to the claimant. In re Thornton, 549 Bankr. 922 (Bankr. N.D. Ga. 2016).    Cited in Lamb v. Thalimer Enters., Inc., 193 Ga. App. 70, 386 S.E.2d 912 (1989); Daniell v. Clein, 206 Ga. App. 377, 425 S.E.2d 344 (1992); Jordan v. Stephens, 221 Ga. App. 8, 470 S.E.2d 733 (1996); Bradshaw v. McNeill, 228 Ga. App. 653, 492 S.E.2d 568 (1997); Howard v. Estate of Howard, 249 Ga. App. 287, 548 S.E.2d 48 (2001); McLain v. Brown (In re McLain), Bankr. (Bankr. N.D. Ga. Sept. 30, 2004); Davis v. Walker, 288 Ga. App. 820, 655 S.E.2d 634 (2007).   RESEARCH REFERENCES   Am. Jur. 2d.   - 10 Am. Jur. 2d, Banks and Financial Institutions, § 663.   C.J.S.   - 9 C.J.S., Banks and Banking, §§ 298, 299.   ALR.    - Right of one party to a joint bank account to follow money withdrawn by the other, 77 A.L.R. 799.    Power of one party to joint bank account to terminate the interests of the other, 161 A.L.R. 71.   Conflict of laws as to disposition of and relative rights to bank deposits in the names of more than one person, 25 A.L.R.2d 1240.