Probate Code - PROB
DIVISION 5. NONPROBATE TRANSFERS [5000 - 5705]
( Division 5 enacted by Stats. 1990, Ch. 79. ) PART 2. MULTIPLE-PARTY ACCOUNTS [5100 - 5407]
( Part 2 enacted by Stats. 1990, Ch. 79. ) CHAPTER 1. Short Title and Definitions [5100 - 5152]
( Chapter 1 enacted by Stats. 1990, Ch. 79. ) ARTICLE 2. Definitions [5120 - 5152]
( Article 2 enacted by Stats. 1990, Ch. 79. ) 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 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.
(Enacted by Stats. 1990, Ch. 79.)