Opinion ID: 1244906
Heading Depth: 1
Heading Rank: 3

Heading: In line with the foregoing, use of the word or here attains some measure of significance.

Text: Ordinarily its usage means, in the alternative. This court has so held. Ness v. H. M. Iltis Lumber Co., 256 Iowa 588, 593, 128 N.W.2d 237, and Holmes v. Gross, 250 Iowa 238, 250, 93 N.W.2d 714. See also section 528.64, Code, 1962. It was evidently in that sense the word was employed in the instant case. In support of the foregoing, 10 Am.Jur. 2d, Banks, section 369, page 332, states: Generally, where a bank account of two depositors is expressly made payable to either or to the survivor, the right of survivorship exists. The contract of deposit need not be in any particular form to create a joint account; any instrument in writing, properly executed, which evidences a meeting of the minds of the parties thereto is sufficient. In creating a joint bank account with right of survivorship, it is a matter of no importance that the particular terms `joint ownership' and `joint account' are not used; the controlling question is whether the person opening the account intentionally and intelligently created a condition embracing the essential elements of joint ownership and survivorship. No particular formula is required; courts are controlled by the substance of the transaction rather than by the name given it. This rule has been held to apply to the creation of a joint and survivorship account in savings and loan or building and loan share accounts. While it is not essential to the creation of a joint bank account with right of survivorship that the beneficiary depositor have knowledge of the account or have possession of the passbook or sign a signature card or make withdrawals therefrom, these are all important factors and competent evidence bearing on the question of intention. The creation of a technical joint tenancy effects a survivorship except where the doctrine of survivorship as an incident of joint tenancy has been abrogated by statute. IX. The trial court found in effect, if not in fact, Martin's intent was to vest in Isal Barber, as third party beneficiary, an alternate right of ownership in the deposit, which intent is controlling. With this finding we agree. See Williams v. Williams, 251 Iowa 260, 264-265, 100 N.W. 2d 185, and In re Estate of Murdoch, 238 Iowa 898, 902, 904, 29 N.W.2d 177.