Ca. Prob. Code § 5407 Payments to Minors

• Library: California Codes
• Edition: 2023
• Currency: Current through the 2023 Legislative Session.
• Year: 2023
• Citation: Ca. Prob. Code § 5407

If a financial institution is required or permitted to make payment pursuant to this chapter to a person who is a minor:

(a) If the minor is a party to a multiple-party account, payment may be made to the minor or to the minor's order, and payment so made is a valid release and discharge of the financial institution, but this subdivision does not ap...

(b) In cases where subdivision (a) does not apply, payment shall be made pursuant to the California Uniform Transfers to Minors Act (Part 9 (commencing with Section 3900) of Division 4), or as provided in Chapter 2 (commencing with Section 3400) of Part 8 of Division 4.