5120. Unless the provision or context otherwise requires, the
definitions in this article govern the construction of this part.
5122. (a) "Account" means a contract of deposit of funds between a
depositor and a financial institution, and includes a checking
account, savings account, certificate of deposit, share account, and
other like arrangement.
(b) "Account" does not include:
(1) An account established for deposit of funds of a partnership,
joint venture, or other association for business purposes.
(2) An account controlled by one or more persons as the duly
authorized agent or trustee for a corporation, unincorporated
association, or charitable or civic organization.
(3) A regular fiduciary or trust account where the relationship is
established other than by deposit agreement.
(4) An account established for the deposit of funds of the estate
of a ward, conservatee, or decedent.
5124. "Agent" means a person who has a present right, subject to
request, to payment from an account as an attorney in fact under a
power of attorney.
5126. "Beneficiary" means a person named in a Totten trust account
as one for whom a party to the account is named as trustee.
5128. "Financial institution" includes:
(a) A financial institution as defined in Section 40.
(b) An industrial loan company as defined in Section 18003 of the
5130. "Joint account" means an account payable on request to one or
more of two or more parties whether or not mention is made of any
right of survivorship.
5132. A "multiple-party account" is any of the following types of
(a) A joint account.
(b) A P.O.D. account.
(c) A Totten trust account.
5134. (a) "Net contribution" of a party to an account as of any
given time is the sum of all of the following:
(1) All deposits thereto made by or for the party, less all
withdrawals made by or for the party that have not been paid to or
applied to the use of any other party.
(2) A pro rata share of any interest or dividends earned, whether
or not included in the current balance.
(3) Any proceeds of deposit life insurance added to the account by
reason of the death of the party whose net contribution is in
(b) In the absence of proof otherwise:
(1) Only parties who have a present right of withdrawal shall be
considered as having a net contribution.
(2) The net contribution of each of the parties having a present
right of withdrawal is deemed to be an equal amount.
(c) It is the intent of the Legislature in enacting this section
to provide a definition for the purpose of determining ownership
interests in an account as between the parties to the account, and
not as between the parties and the financial institution.
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.
5138. "Payment" of sums on deposit includes all of the following:
(a) A withdrawal, including payment on check or other directive of
(b) A pledge of sums of deposit.
(c) A setoff, reduction, or other disposition of all or part of an
account pursuant to a pledge.
5139. "P.O.D." means pay on death.
5140. "P.O.D. account" means any of the following:
(a) An account payable on request to one person during the person'
s lifetime and on the person's death to one or more P.O.D. payees.
(b) An account payable on request to one or more persons during
their lifetimes and on the death of all of them to one or more P.O.D.
5142. "P.O.D. payee" means a person designated on a P.O.D. account
as one to whom the account is payable on request after the death of
one or more persons.
5144. "Proof of death" includes any of the following:
(a) An original or attested or certified copy of a death
(b) A record or report that is prima facie evidence of death under
Section 103550 of the Health and Safety Code, Sections 1530 to 1532,
inclusive, of the Evidence Code, or another statute of this state.
5146. Except to the extent the terms of the account or deposit
agreement expressly provide otherwise, a financial institution
"receives" an order or notice under this part when it is received by
the particular office or branch office of the financial instutition
where the account is carried.
5148. "Request" means a proper request for withdrawal, including a
check or order for payment, that complies with all conditions of the
account (including special requirements concerning necessary
signatures) and regulations of the financial institution; but, if the
financial institution conditions withdrawal or payment on advance
notice, for purposes of this part the request for withdrawal or
payment is treated as immediately effective and a notice of intent to
withdraw is treated as a request for withdrawal.
5150. "Sums on deposit" means both of the following:
(a) The balance payable on an account, including interest and
dividends earned, whether or not included in the current balance.
(b) Any life insurance proceeds added to the account by reason of
the death of a party.
5152. "Withdrawal" includes payment to a third person pursuant to a
check or other directive of a party or an agent.