Ca. Prob. Code § 5303 Changing Terms of Multiple-Party Account Once Established

• Library: California Codes
• Edition: 2023
• Currency: Current through the 2023 Legislative Session.
• Year: 2023
• Citation: Ca. Prob. Code § 5303

(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.