In this article, unless the context otherwise requires:
1. "Account" means a contract of deposit between a depositor and a financial institution and includes a checking account, savings account, certificate of deposit and share account.
2. "Agent" means a person who is authorized to make account transactions for a party.
3. "Beneficiary" means a person to whom sums on deposit in an account are payable on request after the death of all parties or for whom a party is named as a trustee.
4. "Financial institution" means an organization authorized to do business under state or federal laws relating to financial institutions and includes a bank, trust company, savings bank, building and loan association, savings and loan company or association and credit union.
5. "Multiple party account" means an account payable on request to one or more of two or more parties, whether or not a right of survivorship is mentioned.
6. "Party" means a person who, by the terms of an account and subject to a request, has a present right other than as a beneficiary or agent to payment from the account.
7. "Pay on death designation" or "POD" means the designation of:
(a) A beneficiary in an account payable on request to one party during the party's lifetime and on the party's death to one or more beneficiaries or to one or more parties during their lifetimes and on the death of all of them to one or more beneficiaries.
(b) A beneficiary in an account in the name of one or more parties as trustee for one or more beneficiaries if the relationship is established by the terms of the account and there is no subject of the trust other than the sums on deposit in the account, whether or not payment to the beneficiary is mentioned.
8. "Payment" or "payable" as it relates to sums on deposit includes withdrawal, payment to a party or third person pursuant to a check or any other request and a pledge of sums on deposit by a party, or any setoff, reduction or other disposition of all or part of an account pursuant to a pledge.
9. "Receive", as it relates to notice to a financial institution, means receipt in the office or branch office of the financial institution in which the account is established. If the terms of the account require notice at a particular place, receive means in the place required by those terms.
10. "Request" means a request for payment that complies with all terms of the account, including special requirements concerning necessary signatures and rules of the financial institution, and that, if terms of the account condition payment on advance notice, is treated as immediately effective. Request includes a notice of intent to withdraw.
11. "Sums on deposit" means the balance payable on an account, including interest and dividends earned, whether or not included in the current balance and any deposit life insurance proceeds added to the account by reason of death of a party.
12. "Terms of the account" includes the deposit agreement and other terms and conditions of the contract of deposit and includes the contract form.