California Statutes
§ 40501. — 40501. (Added by Stats. 1985, Ch. 1057, Sec. 1.)
California § 40501.
JurisdictionCalifornia
Code FINFinancial Code - FIN
Div. 19.DIVISION 19. RELEASE OF DEMAND DEPOSIT FUNDS
This text of California § 40501. (40501. (Added by Stats. 1985, Ch. 1057, Sec. 1.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Cal. Financial Code - FIN Code § 40501. (2026).
Text
In accordance with the implied contract existing between a financial institution and its depositor, no bank, savings association, credit union, or other financial institution operating in this state which maintains and services demand deposit accounts, including NOW accounts, may release any funds from those accounts to any person or entity who is not the account holder, unless the funds are released pursuant to the depositor’s authorization or in accordance with the law. This section does not apply to any setoff for a debt claimed to be owed to a bank, savings association, credit union, or other financial institution by a customer.
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Legislative History
Added by Stats. 1985, Ch. 1057, Sec. 1.
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California § 40501., Counsel Stack Legal Research, https://law.counselstack.com/statute/ca/FIN/40501..