California Probate Code

§ 5136

PROB § 5136Div. 5 · Part 2 · Ch. 1 · Art. 2

Statute text

(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 agent.

(b)A P.O.D. payee is a party, by reason of being a P.O.D. payee, only after the account becomes payable to the payee by reason of surviving all persons named as original payees.

(c)A beneficiary of a Totten trust account is a party, by reason of being a beneficiary, only after the account becomes payable to the beneficiary by reason of surviving all persons named as trustees.

Legislative history

Enacted by Stats. 1990, Ch. 79.