Sec. 15.3. Disclosures

(a) Joint accounts.

The notice referred to in section 15.2 of this Part shall reasonably inform the joint owners, in plain language, of the terms and conditions of the account, including the relationship and consequences between the parties in the account and the responsibilities of the depositary with which the account is established. Without limiting the foregoing, such disclosures shall indicate:

(1) that such deposit, and any additions thereto, shall become the property of each owner as joint tenants and, as such, that the depositary may release the entire account to any owner during the lifetime of all owners;

(2) that the depositary may honor checks or orders drawn by, or withdrawal requests from, any owner during the lifetime of all owners;

(3) that the depositary may be required by service of legal process to remit funds held in the joint account to satisfy a judgment entered against, or other valid debt incurred by, any owner of the account;

(4) that the depositary may honor checks or orders drawn by, or withdrawal requests from, the survivor(s) after the death of any owner(s);

(5) the depositary may treat the account as the sole property of the survivor(s) after the death of any owner(s);

(6) unless the depositary receives written notice signed by any owner not to pay or deliver any joint deposit, or addition or accrual thereon, the depositary shall not be liable to any owner for continuing to honor checks or other orders drawn by, or withdrawal requests from, any owner; and

(7) after the receipt of the notice referred to in subdivision (f) of this section, the depositary may require the written authorization of any or all joint owners for any further payments or deliveries.

(b) Convenience accounts.

The notice referred to in section 15.2 of this Part shall reasonably inform the owner, in plain language, of the terms and conditions of the account, including the relationship and consequences between the parties in the account and the responsibilities of the depository with which the account is established. Without limiting the foregoing, such disclosures shall indicate:

(1) that such deposit, and any additions or accruals thereto, is the property of the owner individually and, as such, only the owner may request that the account be closed during the lifetime of the owner;

(2) that the depositary may honor checks or orders drawn by, or withdrawal requests from, the owner or the other named person or persons during the lifetime of the owner even if said checks or orders or withdrawal requests reduce the account balance to zero;

(3) that the depositary may be required by service of legal process to remit funds held in the convenience account to satisfy a judgment entered against, or other valid debt incurred by, the owner of the convenience account but not the other named person or persons except as otherwise ordered by a court of competent jurisdiction;

(4) that prior to receipt by the depositary of written notice of the death of the owner, and for such reasonable period thereafter as shall enable the depositary to act, the depositary may honor checks or orders drawn by, or withdrawal requests from, the other named person or persons after the death of the owner;

(5) that upon the death of the owner and prior to service upon the depositary of a restraining order, injunction or other appropriate process from a court of competent jurisdiction prohibiting payment and for such reasonable period thereafter as shall enable the depositary to comply, the depositary may make payment to the executor, administrator or voluntary administrator as defined in article 13 of the Surrogate's Court Procedure Act of the deceased owner's estate or to any person designated in section 1310 of the Surrogate's Court Procedure Act;

(6) that the depositary will not treat the account as the property of the other named person or persons during the lifetime of the owner nor after the death of the owner;

(7) that prior to the receipt by the depositary of written notice signed by the owner not to pay or deliver any monies in the account, and for such reasonable period thereafter as shall enable the depositary to act, the depositary shall not be liable to the owner for continuing to honor checks or other orders drawn by, or withdrawal requests from, the other named person or persons; and

(8) after the receipt of the notice referred to in paragraph (7) of this section, the depositary may require the written authorization of the owner for any further payments or deliveries.

(c) Convenience accounts.

The other named person or persons shall sign a statement at the depositary's request agreeing to immediately notify the depositary in writing of the owner's death and acknowledging that the account shall not be used after the owner's death.