{"code":"PROB","codeName":"Probate Code","section":"5303","citation":"Prob. Code, § 5303","status":"in-force","lawOn":"2026-09-28","headings":[{"name":"DIVISION 5. NONPROBATE TRANSFERS [5000. - 5705.]","url":"https://blackletter.si/probate-code/division-5"},{"name":"PART 2. MULTIPLE-PARTY ACCOUNTS [5100. - 5407.]","url":"https://blackletter.si/probate-code/division-5/part-2"},{"name":"CHAPTER 3. Ownership Between Parties and Their Creditors and Successors [5301. - 5307.]","url":"https://blackletter.si/probate-code/division-5/part-2/chapter-3"}],"history":"Amended by Stats. 2012, Ch. 235, Sec. 2.   (AB 1624)   Effective January 1, 2013.","effective":"2013-01-01","html":"<p>(a) The provisions of Section <a href=\"/prob/5302\">5302</a> as to rights of survivorship are determined by the form of the account at the death of a party.</p><p>(b) Once established, the terms of a multiple-party account can be changed only by any of the following methods:</p><p>(1) Closing the account and reopening it under different terms.</p><p>(2) Presenting to the financial institution a modification agreement that is signed by all parties with a present right of withdrawal. If the financial institution has a form for this purpose, it may require use of the form.</p><p>(3) If the provisions of the terms of the account or deposit agreement provide a method of modification of the terms of the account, complying with those provisions.</p><p>(4) As provided in subdivision (c) of Section <a href=\"/prob/5405\">5405</a>.</p><p>(c) During the lifetime of a party, the terms of the account may be changed as provided in subdivision (b) to eliminate or to add rights of survivorship. Withdrawal of funds from the account by a party also eliminates rights of survivorship with respect to the funds withdrawn to the extent of the withdrawing party’s net contribution to the account.</p>","text":"(a) The provisions of Section 5302 as to rights of survivorship are determined by the form of the account at the death of a party. (b) Once established, the terms of a multiple-party account can be changed only by any of the following methods: (1) Closing the account and reopening it under different terms. (2) Presenting to the financial institution a modification agreement that is signed by all parties with a present right of withdrawal. If the financial institution has a form for this purpose, it may require use of the form. (3) If the provisions of the terms of the account or deposit agreement provide a method of modification of the terms of the account, complying with those provisions. (4) As provided in subdivision (c) of Section 5405. (c) During the lifetime of a party, the terms of the account may be changed as provided in subdivision (b) to eliminate or to add rights of survivorship. Withdrawal of funds from the account by a party also eliminates rights of survivorship with respect to the funds withdrawn to the extent of the withdrawing party’s net contribution to the account.","otherVersions":[],"url":"https://blackletter.si/probate-code/ownership-between-parties-and-their-creditors-and-successors-5303","source":"California Legislative Information bulk export (pubinfo)"}