Opinion ID: 2425363
Heading Depth: 2
Heading Rank: 1

Heading: Bank of Grain Valley Checking Account

Text: In June 1988, Tate added Lang's name to a checking account at the Bank of Grain Valley. In July 1988, Lang withdrew $75,000 from the account. After Tate's death, Lang withdrew the remaining balance. Both Lang and Tate signed the Multiple Deposit Account Agreement for the checking account. Next to their signatures is the printed term Ownership, under which is the handwritten phrase, Original Date 2/77 (there was no evidence about the ownership status in February 1977). The reverse side of the Agreement states that ownership is determined by the form of ownership specified. The reverse side of the Agreement also describes potential types of ownership: Individual Account, Joint Account-With Survivorship, Joint Account-No Survivorship, Trust Account and Pay-on-Death Account, and Corporate, Partnership, and other Organizational Accounts. In fact, none of these titles appears on the front of the Agreement. The Agreement does not describe Lang and Tate as joint tenants, nor make the account in form to be paid to the survivor or survivors. The issue is thus whether the checking account was in form to be paid to any one or more of Tate and Lang. The Agreement states: WITHDRAWALSAny one of you who signs on the reverse side may withdraw or transfer all or any part of the account balance at any time on forms approved by us .. Both Tate and Lang signed the Agreement. Therefore, under the terms of the Agreement, both Tate and Lang had the power to withdraw funds from the account. In the absence of express language to the contrary, § 362.470 makes deposits in form to be paid to any one or more of them a joint tenancy with right of survivorship. By concluding that Tate's estate was entitled to the proceeds from the checking account, the circuit court erroneously declared the law. Murphy, 536 S.W.2d at 32. As the surviving joint tenant, Lang owns the proceeds from the account (including the $75,000 withdrawn prior to Tate's death).