5303
Effective Jan 1, 2013Amended by Stats. 2012, Ch. 235, Sec. 2. (AB 1624) Effective January 1, 2013.
- (a) The provisions of Section 5302 as to rights of survivorship are determined by the form of the account at the death of a party.
(b) Once established, the terms of a multiple-party account can be changed only by any of the following methods:
- (1) Closing the account and reopening it under different terms.
- (2) Presenting to the financial institution a modification agreement that is signed by all parties with a present right of withdrawal. If the financial institution has a form for this purpose, it may require use of the form.
- (3) If the provisions of the terms of the account or deposit agreement provide a method of modification of the terms of the account, complying with those provisions.
- (4) As provided in subdivision (c) of Section 5405.
- (c) During the lifetime of a party, the terms of the account may be changed as provided in subdivision (b) to eliminate or to add rights of survivorship. Withdrawal of funds from the account by a party also eliminates rights of survivorship with respect to the funds withdrawn to the extent of the withdrawing party’s net contribution to the account.