PART 2. MULTIPLE-PARTY ACCOUNTS [5100. - 5407.]
Part 2 enacted by Stats. 1990, Ch. 79.
§§ 5100–5407 · 38 sections
CHAPTER 1. Short Title and Definitions §§ 5100–5152 · 19 sections
ARTICLE 1. Short Title § 5100 · 1 section
- § 5100 This part may be cited as the California Multiple-Party Accounts Law.
ARTICLE 2. Definitions §§ 5120–5152 · 18 sections
- § 5120 Unless the provision or context otherwise requires, the definitions in this article govern the construction of this part.
- § 5122 (a) “Account” means a contract of deposit of funds between a depositor and a financial institution, and includes a checking account, savings account,…
- § 5124 “Agent” means a person who has a present right, subject to request, to payment from an account as an attorney in fact under a power of attorney.
- § 5126 “Beneficiary” means a person named in a Totten trust account as one for whom a party to the account is named as trustee.
- § 5128 “Financial institution” includes: (a) A financial institution as defined in Section 40. (b) An industrial loan company as defined in Section 18003 of the…
- § 5130 “Joint account” means an account payable on request to one or more of two or more parties whether or not mention is made of any right of survivorship.
- § 5132 A “multiple-party account” is any of the following types of account: (a) A joint account. (b) A P.O.D. account. (c) A Totten trust account.
- § 5134 (a) “Net contribution” of a party to an account as of any given time is the sum of all of the following: (1) All deposits thereto made by or for the party,…
- § 5136 (a) “Party” means a person who, by the terms of the account, has a present right, subject to request, to payment from a multiple-party account other than as an…
- § 5138 “Payment” of sums on deposit includes all of the following: (a) A withdrawal, including payment on check or other directive of a party. (b) A pledge of sums of…
- § 5139 “P.O.D.” means pay on death.
- § 5140 “P.O.D. account” means any of the following: (a) An account payable on request to one person during the person’s lifetime and on the person’s death to one or…
- § 5142 “P.O.D. payee” means a person designated on a P.O.D. account as one to whom the account is payable on request after the death of one or more persons.
- § 5144 “Proof of death” includes any of the following: (a) An original or attested or certified copy of a death certificate. (b) A record or report that is prima…
- § 5146 Except to the extent the terms of the account or deposit agreement expressly provide otherwise, a financial institution “receives” an order or notice under…
- § 5148 “Request” means a proper request for withdrawal, including a check or order for payment, that complies with all conditions of the account (including special…
- § 5150 “Sums on deposit” means both of the following: (a) The balance payable on an account, including interest and dividends earned, whether or not included in the…
- § 5152 “Withdrawal” includes payment to a third person pursuant to a check or other directive of a party or an agent.
CHAPTER 2. General Provisions §§ 5201–5205 · 5 sections
- § 5201 (a) The provisions of Chapter 3 (commencing with Section 5301) concerning beneficial ownership as between parties, or as between parties and P.O.D. payees or…
- § 5202 Nothing in this part affects the law relating to transfers in fraud of creditors.
- § 5203 (a) Words in substantially the following form in a signature card, passbook, contract, or instrument evidencing an account, or words to the same effect,…
- § 5204 (a) In addition to a power of attorney otherwise authorized by law, a special power of attorney is authorized under this section to apply to one or more…
- § 5205 This part applies to accounts in existence on July 1, 1990, and accounts thereafter established.
CHAPTER 3. Ownership Between Parties and Their Creditors and Successors §§ 5301–5307 · 7 sections
- § 5301 (a) An account belongs, during the lifetime of all parties, to the parties in proportion to the net contributions by each, unless there is clear and convincing…
- § 5302 Subject to Section 5040: (a) Sums remaining on deposit at the death of a party to a joint account belong to the surviving party or parties as against the…
- § 5303 (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…
- § 5304 Any transfers resulting from the application of Section 5302 are effective by reason of the account contracts involved and this part and are not to be…
- § 5305 (a) Notwithstanding Sections 5301 to 5303, inclusive, if parties to an account are married to each other, whether or not they are so described in the deposit…
- § 5306 For the purposes of this chapter, if an account is expressly described in the deposit agreement as a “tenancy in common” account, no right of survivorship…
- § 5307 For the purposes of this chapter, except to the extent the terms of the account or deposit agreement expressly provide otherwise, if the parties to an account…
CHAPTER 4. Protection of Financial Institution §§ 5401–5407 · 7 sections
- § 5401 (a) Financial institutions may enter into multiple-party accounts to the same extent that they may enter into single-party accounts. Any multiple-party account…
- § 5402 Any sums in a joint account may be paid, on request and according to its terms, to any party without regard to whether any other party is incapacitated or…
- § 5403 Any P.O.D. account may be paid, on request and according to its terms, to any original party to the account. Payment may be made, on request, to the P. O.D.…
- § 5404 Any Totten trust account may be paid, on request and according to its terms, to any trustee. Unless the financial institution has received written notice that…
- § 5405 (a) Payment made pursuant to Section 5401, 5402, 5403, or 5404 discharges the financial institution from all claims for amounts so paid whether or not the…
- § 5406 The provisions of this chapter that apply to the payment of a Totten trust account apply to an account in the name of one or more parties as trustee for one or…
- § 5407 If a financial institution is required or permitted to make payment pursuant to this chapter to a person who is a minor: (a) If the minor is a party to a…