VITUG vs. CA

VITUG  vs. CA

183 SCRA 755

FACTS:  

Dolores Vitug, deceased, during her lifetime together with her husband Romarico Vitug, executed a survivorship agreement with the bank. It provides that after the death of either of them, the fund shall belong exclusively to the survivor.

ISSUES:

             WON the survivorship agreement is a will.

 WON it is valid.

RULING:

                Because the account was a joint account and they made a will while they were married, so naturally the cash would be their absolute community or conjugal property.  The cash is owned in-common by them. When the spouses opened savings account, they merely put what rightly belonged to them in a money-making venture. They did not dispose of it in favor of the other.  Since the wife predeceased her husband, the latter acquired upon her death a vested right over the amount under the savings account.