Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

Multiple Party Account

Read a random definition: bankruptcy court

A quick definition of Multiple Party Account:

A multiple party account is a type of bank account that is owned by more than one person. It's like sharing a piggy bank with your friends or family. When one person passes away, the money in the account automatically goes to the other owner(s) without needing a will.

A more thorough explanation:

A multiple party account is a type of account that is held in a financial institution, such as a bank or brokerage firm, and is registered in the names of more than one person. This type of account is also known as a joint account.

Multiple party accounts are often used as a way to transfer assets to a beneficiary without the need for a will. When one of the account holders passes away, the remaining account holder(s) automatically inherit the assets in the account.

  • A married couple opens a joint bank account to pay for household expenses.
  • Two business partners open a joint brokerage account to invest in stocks and bonds.
  • A parent and child open a joint savings account to save for the child's college education.

These examples illustrate how multiple party accounts can be used for different purposes, such as managing finances, investing, and saving for the future. They also show how the assets in the account are automatically transferred to the surviving account holder(s) when one of the account holders passes away.

Multiple Listing Service | Multiplicity of Actions

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
13:13
that is probable i just have a funny where i say “berk today” every single day
2big2fail
13:13
makes sense
@JumpySubsequentDolphin: TODAY IS OUR DAY also 1pm est or pst?
JumpySubsequentDolphin
13:14
YEAHHH SPLITTY. also PST
yo mama jokes will never not be funny
everyone trying to YM each other but no JM... damn :/
AHAHAHAAH
i'm lying in wait dw
if no gtown today i'm crashing out so bad yall don't even know
i will not be racist or say slurs tho unlike Some people
how bad on a scale of wild- evol bunny
HAHAHAH
BulbasaurNoLikeCardio
13:20
Evol bunny said they are dropping out and done with LS, they are too good for it so likely will never see the melt downs again
Dkk
13:20
@SplitterusClitterus: 11:22:24 PST, so in about an hour.
Dkk
13:21
Adios EvolBunny then
yall saw the shit at gtown rn w the pregnant 2l
Dkk
13:22
@HopefullyInLawSchool: Lol
babycat
13:22
we have one local rep who didn’t get reelected bc she went on a podcast and said some crazy shit about jewish people
insane
13:22
@HopefullyInLawSchool: that is so unfair its insane that people have to go through that
theres a student that is literally having a baby and the admin denied her request for a test extension, and told her to come in the day after she gave birth to take the exam w her baby
come in the DAY AFTER SHE GIVES BIRTH
W HER BABY
13:23
saw that, crazy that she cant just hold the fucker in for a day longer
LMFAO
babycat
13:23
gulc going to hell I’m so serious
glovediedthisishismom
13:24
thats definetly horsey on an alt
glovediedthisishismom
13:24
no way any professor did that
LSD+ is ad-free, with DMs, discounts, case briefs & more.