California Probate Code

§ 5203

PROB § 5203 Effective Jan 1, 2017Div. 5 · Part 2 · Ch. 2

Statute text

(a)Words in substantially the following form in a signature card, passbook, contract, or instrument evidencing an account, or words to the same effect, executed before, on, or after July 1, 1990, create the following accounts:

(1)Joint account: “This account or certificate is owned by the named parties. Upon the death of any of them, ownership passes to the survivor(s).”

(2)P.O.D. account with single party: “This account or certificate is owned by the named party. Upon the death of that party, ownership passes to the named pay-on-death payee(s).”

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Legislative history

Amended by Stats. 2016, Ch. 50, Sec. 85. (SB 1005) Effective January 1, 2017.