CHAPTER 1. Short Title and Definitions [5100. - 5152.]

Chapter 1 enacted by Stats. 1990, Ch. 79.

§§ 5100–5152 · 19 sections

1. ARTICLE 1. Short Title § 5100 · 1 section

   • § 5100 This part may be cited as the California Multiple-Party Accounts Law.
2. 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.