joint account

A bank or brokerage account opened by two or more people, by which each party has a present right to withdraw all funds in the account and, upon the death of one party, the survivors become the owners of the account, with no right of the deceased party’s heirs or devisees to share in it.

• Typically, the account-holders are designated as “joint tenants with right of survivorship” or “joint-and-survivor account-holders.” In some juris-dictions, they must be so designated to establish a right of survivorship. — Abbr. JA.

— Also termed joint-and-survivorship account. [Cases: Joint Tenancy 1. C.J.S. Estates § 19; Joint Tenancy §§ 2, 4, 7–9.]

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词条贡献者

译员Terence，毕业于国内顶尖法学院，擅长翻译有关能源和自然资源领域的法律文件。