Ca. Prob. Code § 5301 Generally; Excess Withdrawal; Claims to Recover Living Party's Interest; P.o.d. Account; Totten Trust Account

• Library: California Codes
• Edition: 2023
• Currency: Current through the 2023 Legislative Session.
• Year: 2023
• Citation: Ca. Prob. Code § 5301

(a) An account belongs, during the lifetime of all parties, to the parties in proportion to the net contributions by each, unless there is clear and convincing evidence of a different intent.

(b) If a party makes an excess withdrawal from an account, the other parties to the account shall have an ownership interest in the excess withdrawal in proportion to the net contributions of each to the amount on deposit in the account immediately following the excess withdrawal, unless there is clear and convincing evidence of a contrary agreement between the parties.

(c) Only a living party, or a conservator, guardian, or agent acting on behalf of a living party, shall be permitted to make a claim to recover the living party's ownership interest in an excess withdrawal, pursuant to subdivision (b). A court may, at its discretion, and in the interest of justice, reduce any recovery under this section to reflect funds withdrawn and applied for the benefit of the claiming party.