Opinion ID: 2425363
Heading Depth: 2
Heading Rank: 4

Heading: Bank of Grain Valley Certificate of Deposit

Text: The circuit court held that the Bank of Grain Valley certificate of deposit was a joint tenancy with right of survivorship, and thus belonged to Lang. In May 1988, Tate added Lang's name to this deposit by signing a bank form. The certificate of deposit was then titled: Marjorie Tate or Phyllis Anne Lang. The certificate states on its face: If more than one depositor is named above and unless specifically indicated therein to the contrary, this certificate and the deposit evidenced hereby, shall belong to said depositors as joint tenants with right of survivorship (and not as tenants in common)... By providing that Lang and Tate owned the deposit as joint tenants with right of survivorship, the certificate clearly complies with § 362.470. Therefore, the estate cannot recover the proceeds of the certificate. The circuit court correctly declared and applied the law governing the Bank of Grain Valley certificate of deposit. Id.