§ 5136. — 5136. (Enacted by Stats. 1990, Ch. 79.)

California § 5136.

• Jurisdiction: California
• Code PROB: Probate Code - PROB
• Div. 5.: DIVISION 5. NONPROBATE TRANSFERS
• Part 2.: PART 2. MULTIPLE-PARTY ACCOUNTS
• Ch. 1.: CHAPTER 1. Short Title and Definitions
• Art. 2.: ARTICLE 2. Definitions

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.