GIFTS--BANKING--GIFT OF JOINT SAVINGS BANK DEPOSITS

Authors

Ira M. Price, II, University of Michigan Law SchoolFollow

Abstract

A, the mother of B, transferred three savings bank deposits from her sole account to the account of "A or B-either or survivor." Two of the depositors' signature cards contained this language: ''We hereby certify that this account and all moneys to be credited to it belong to us as joint tenants, and will be the absolute property of the survivor of us." There was evidence that one of the reasons for A's transferring her deposits to the joint account was to enable B to draw money therefrom for A while A was in the hospital. A retained sole possession of the bank books and, upon her death intestate, B claimed as owner the balance in the three joint accounts. Held, that the transfers of the accounts to A and B, jointly, did not constitute gifts to B, for there was no donative intent and there was no surrender of control over the bank accounts to B. Rush v. Rush, (N.J. Eq. 1946) 49 A. (2d) 238.

Recommended Citation

Ira M. Price, II, GIFTS--BANKING--GIFT OF JOINT SAVINGS BANK DEPOSITS, 45 Mich. L. Rev. 1051 (1947).
Available at: https://repository.law.umich.edu/mlr/vol45/iss8/10