BlackletterCalifornia law

CHAPTER 5. Savings Operations [6600. - 7154.]

Chapter 5 added by Stats. 1983, Ch. 1091, Sec. 2.

§§ 6600–7154 · 45 sections

  1. ARTICLE 1. Savings Liability §§ 6600–6603 · 4 sections
    • § 6600 The savings liability of an association shall consist only of the aggregate amount of its savings accounts, plus interest earned or credited to the accounts,…
    • § 6601 Except as limited by the association from time to time or by state or federal law or regulations, account holders may make additions to their savings accounts…
    • § 6602 Savings accounts may be opened for cash or, subject to any limitations or restrictions in regulations issued by the commissioner, for property in which the…
    • § 6603 No member of a mutual association is responsible for any losses of the association, no savings account is subject to assessment, and no savings account holder…
  2. ARTICLE 2. Savings Accounts §§ 6651–6663 · 8 sections
    • § 6651 Except for savings accounts issued in marketable or bearer form, savings accounts shall be represented only by the account of each savings account holder on…
    • § 6652 (a) Upon the filing with an association by the savings account holder of record as shown by the books of the association, or by the holder’s legal…
    • § 6653 (a) No association shall, directly or indirectly, for the opening or increasing of any savings account, give, sell, dispose of, or permit the giving, selling,…
    • § 6653.5 (a) A troubled savings association may not accept funds obtained, directly or indirectly, by or through any deposit broker for deposit into one or more…
    • § 6660 (a) For the purposes of this section: (1) “Account” means withdrawable or repurchasable shares, investment certificates, deposits, or savings accounts as…
    • § 6661 Notice to an association or federal association of an adverse claim to a savings account of, or to personal property held for the account of, any person shall…
    • § 6662 Nothing in this chapter shall prohibit an association or federal association from issuing tenancy in common, community property, and other types of savings…
    • § 6663 If any attachment is levied upon any savings account or any other property maintained with an association or federal association, a copy of the writ and notice…
  3. ARTICLE 3. Contracts for Savings Programs §§ 6700–6702 · 3 sections
    • § 6700 An association may contract with the proper authorities of any public or nonpublic elementary or secondary school or institution of higher learning, or any…
    • § 6701 An association may contract with any employer, as follows: (a) With respect to the solicitation, collection, and receipt of savings by payroll deduction to be…
    • § 6702 An association may pay commissions or fees in cash or merchandise for soliciting deposits to any employee of the association or to any broker or agent as…
  4. ARTICLE 4. Powers of Attorney on Savings Accounts § 6725 · 1 section
    • § 6725 (a) Notwithstanding any other provision of law, an association or federal association may continue to recognize the authority of an attorney-in-fact authorized…
  5. ARTICLE 5. Married Persons and Minors §§ 6750–6752 · 3 sections
    • § 6750 Except as otherwise expressly provided in this article, an association or federal association may issue savings accounts to any married person or minor as the…
    • § 6751 Any payment or delivery of rights to a married person, to any minor, or to a trust established by or for a married person, or a minor, or a receipt or…
    • § 6752 (a) In the case of a minor, the receipt, acquittance, pledge, or other action required by the association or federal association to be taken by the minor shall…
  6. ARTICLE 6. Multiple-Party Accounts §§ 6800–6805 · 3 sections
    • § 6800 An account in an association or federal association that is a multiple-party account as defined in Section 5132 of the Probate Code is governed by Part 2…
    • § 6804 No association or federal association paying any survivor in accordance with Part 2 (commencing with Section 5100) of Division 5 of the Probate Code shall,…
    • § 6805 The pledge or hypothecation to any association or federal association of all or part of a multiple party account, as defined in Section 5132 of the Probate…
  7. ARTICLE 7. Accounts of Administrators, Executors, Guardians, Custodians, Trustees, and Other Fiduciaries §§ 6850–6856 · 5 sections
    • § 6850 Any association may accept fiduciary savings accounts in the name of any administrator, executor, custodian, conservator, guardian, trustee, or other fiduciary…
    • § 6851 (a) The withdrawal value of a fiduciary account, and interest on it, or other rights relating to it, may be paid or delivered, in whole or in part, to the…
    • § 6852 (a) Whenever a person holding an account in a fiduciary capacity dies and no written notice of the revocation or termination of the fiduciary relationship has…
    • § 6855 No association paying any fiduciary, beneficiary, or designated person in accordance with this article or the California Multiple-Party Accounts Law contained…
    • § 6856 The provisions of this article apply to federal associations to the extent that they are not inconsistent with and do not infringe upon federal laws governing…
  8. ARTICLE 8. Accounts of Incompetents § 6900 · 1 section
    • § 6900 If an association or federal association has received no written notice and is not on actual notice that the savings account holder has been adjudicated…
  9. ARTICLE 9. Accounts of Deceased Nonresidents §§ 6950–6951 · 2 sections
    • § 6950 (a) When a savings account is held in any association or federal association by a person who dies while domiciled in a sister state or foreign nation, the…
    • § 6951 No action at law or in equity shall be maintained against an association or federal association for payment made in accordance with this article.
  10. ARTICLE 10. Savings Accounts as Legal Investments and as Security; Public Funds §§ 7000–7002 · 3 sections
    • § 7000 (a) Administrators, executors, custodians, conservators, guardians, trustees, and other fiduciaries, insurance companies, business and manufacturing companies,…
    • § 7001 (a) Whenever, under the laws of this state or otherwise, a deposit of securities is required for any purpose, the savings accounts and accounts made legal…
    • § 7002 The provisions of this article supplement any and all other laws relating to and declaring what shall be legal investments for the persons, fiduciaries,…
  11. ARTICLE 11. Interest §§ 7050–7055 · 6 sections
    • § 7050 An association may issue savings accounts earning interest at different rates of return. The annual rate of return paid on a savings account may either be…
    • § 7051 An association may classify its savings accounts on any basis including, but not limited to, character, amount, or duration of the account, regularity of…
    • § 7052 Except for accounts that are classified according to a specified contractual time or notice period, interest shall be based on the withdrawal value of each…
    • § 7053 (a) The date of investment in a savings account shall be the date of actual receipt by the association of the account or an addition to the account, except…
    • § 7054 The board of directors, by resolution, may determine any of the following: (a) That interest shall not be paid on designated types of savings accounts from…
    • § 7055 The directors shall determine the method of calculating the amount of any interest on any savings account classification as provided in this article and the…
  12. ARTICLE 12. Withdrawals § 7100 · 1 section
    • § 7100 (a) Notwithstanding any other provision of law, but subject to subdivision (b), an association may permit the owner of a deposit or account to make withdrawals…
  13. ARTICLE 13. Redemption §§ 7150–7154 · 5 sections
    • § 7150 At any time funds are on hand for the purpose, an association shall have the right to redeem by lot or otherwise, as the board of directors may determine, all…
    • § 7151 Except with the prior consent of the commissioner, no association shall redeem any of its savings accounts when the association is in an impaired condition and…
    • § 7152 The redemption price of savings accounts redeemed shall be the full value of the account redeemed, as determined by the board of directors, but in no event…
    • § 7153 If the notice of redemption under Section 7150 has been given, and if on or before the redemption date the funds necessary for the redemption have been set…
    • § 7154 (a) All certificates of ownership evidencing former savings accounts that have been called for redemption must be tendered for payment within the time limit…